history shows $2.50 share price b4 drilling, page-3

November 22, 2007 11:00pm
IT SPENT five years beavering away looking for a girl's best friend while watching its share price sink from 8.6¢ to 1¢, but But Flinders Diamonds yesterday restored its fortunes.
It saw its shares leap 790 per cent after reassessing its exploration areas and sayingp it had identified a 390 million tonne iron ore "target" in Pilbara, Western Australia.
Flinders, whose shares were worth just over 8.6¢ as it set out on its diamond search in 2002, had trading in its stock suspended on Wednesday – at 1¢.
The shares returned to the lists yesterday after the firm announced the iron ore target, on its Hamersley tenements, and closed the day 7.9¢ higher at 8.9¢.
It was a frantic day that saw turnover of 1.93 billion shares – almost a billion more than the company has on issue.
The tenement in question is adjacent to Fortescue Metal Group's Solomon deposit, which that company announced earlier this month could contain more than a billion tonnes of iron ore.