WGO
Cash of $1,628,000 at 31 December 2010
40,333,434 shares on issue (which include 5,550,000 vendor shares issued)
4,400,000 options x 0.72 cent
14,000,000 performance shares
58,733,434 total fully diluted
possible 10,000,000 share x $1.50 to $2.00 to raise $15m to $20m
$140m market capitalisation at $2
Initial Target of 1 - 2 Billion tonnes of DSO haematite grading between 60% and 62% Fe (Iron)
EV/t = $0.14 to $0.07
Iron ore impurities are low (from only two specimens)
Compare to SDL, which has 415Mt at 62% Fe = $3 EV/t
Include 2,325Mt of 38% magnetite, SDL EV/t = 50 cents
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The Board of Waratah (ASX:WGO) is delighted to welcome Mr Michael Charles (Mike) Young to the Board of Waratah as a non-Executive Director. Mr Young is currently the Managing Director of BC Iron Limited (BCI)
A historic outcrop of iron ore workings occurs in the license area with recorded hematite and itabirite. An assay grading 69% Fe, 0.08% P2 O5 and 0.5% SiO2 has been returned from a specimen between the years of 1936 and 1939. More recent sampling reported in July 2010 at Youkou has confirmed the high grade tenor of the project with assays returning 68.66% Fe, 0.1% P2 O5 and 0.56% SiO2.
Convention between the Republic of Congo (?ROC?) and Afriresources Congo S.A. (Waratah Gold 90%) in relation to mining and exploration for Iron Ore within the Youkou Iron Ore Project.
On the delineation of a 50,000,000 tonne JORC inferred iron ore resource Waratah will issue 4,000,000 fully paid shares.
On the delineation of a 100,000,000 tonne JORC inferred iron ore resource Waratah will issue 1,000,000 fully paid shares and make a payment of US$200,000.
On delineation of a 150,000,000 tonne JORC inferred iron ore resource Waratah will issue 9,000,000 fully paid shares.
A US$3 per tonne royalty on iron ore shipped is also payable
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DYOR
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