announcement out

Damn - not the sort of announcement expecting. Things are improving news wise and why not with IO on the up!!!

Chinese partners going to love this. No wonder they paid a premium. From the announcement:

"Fox Resources Limited (ASX: FXR) today announced that it has identified three new iron ore prospects near the Company’s Mt Oscar Iron Ore Project (Mt Oscar) in the Pilbara of Western Australia.
The new prospects, Mt Carla, Mt Kristie and Mt Catherine (Figure 1), are located within the highly prospective Cleaverville geological formation.
The Cleaverville formation hosts the 1.6 billion tonne Cape Lambert Magnetite project held by Cape Lambert Iron Ore Limited (ASX:CFE). The project which is subject to a $400 million sale to Chinese conglomerate China Metallurgical Group Cooperation (MCC) who hold a 20% stake in the 2 billion tonne Sino Iron Magnetite Project near Cape Preston in the Pilbara.
The prospects were initially identified by high resolution aeromagnetics (Figure 2). The prospects are believed to have the potential for both haematite and magnetite iron ore. The potential strike length of all three prospects is estimated at approximately 20km (Figure 3).
The Mt Kristie and Mt Catherine iron ore prospects are clearly the western extensions of the Cleaverville formation found at the Cape Lambert project and the associated rock units have similar magnetic signatures (Figure 3)."

I especially love the bit about 20km... That would be alot of ore, with good facilities nearby for shipping. Just a rail line to go