hemisphere soars on pilbara iron tenement

http://www.miningnews.net/storyview.asp?storyid=1037841§ionsource=s0

Hemisphere soars on Pilbara iron tenement

Wednesday, 21 October 2009

SHARES in Hemisphere Resources sky-rocketed more than 65% today after the junior explorer advised that it may have secured a priority iron ore tenement in Western Australia’s Pilbara region.

The West Perth-based company said that according to the WA Department of Mines and Petroleum website, the company “appears” to have secured an exploration licence application over a 30-square-kilometre area in an iron ore-rich region of the Pilbara.

However, the company stressed that it had so far not received a formal written notification of the ballot result.

Hemisphere said it would let the market know once it had received formal notification of the ballot result.

Today’s news saw Hemisphere shares jump to an intraday high of 58c, up 23c, with more than 1.8 million shares changing hands by 2.30pm AEDT.

The tenement lies in a prime position, 1.8km south of the company’s Yandicoogina South Iron project, around 15km northeast of BHP Billiton’s Mining Area C and some 5km north of Hope Downs.

BHP today reported that third-quarter iron ore production from Mining Area C, owned by the Goldsworthy joint venture of which BHP has an 85% stake, had gained 10% on the June quarter to 9.2 million tonnes.

Last week, BHP made a move into Western Australia’s emerging junior iron ore sector with a $A204 million all-cash bid for United Minerals Corporation to acquire the Railway iron ore deposit which lies adjacent to Mining Area C.

Shares in Hemisphere cooled to 51.5c in afternoon trade