De Grey soars on winning Pilbara iron ore tenement
Colin Jacoby- Mining News Wednesday, 2 April 2008
SHARES in De Grey Mining skyrocketed as much as 82% in morning trade on news it had won the ballot for an iron ore tenement in Western Australia’s Pilbara region over seven other applicants.
Drilling at De Grey Mining's Three Kings platinum project at Indee.
The stock gained 7.7c to hit an intraday high of 14c with more than 5.5 million shares changing hands by early afternoon trade.
De Grey said the 15.5 square kilometre tenement lies 104km south of Port Hedland and covers a 1600m strike length of a known channel iron deposit (CID) that straddles the Great Northern Highway.
The company said the application is also strategically placed between other CID deposits 17km to the east, 2.5km to the west and 4.5km to the north.
“We will immediately assess the known iron deposits to evaluate their potential value and determine how De Grey may best realise that value,” De Grey managing director Gary Brabham said.
Shares in De Grey have cooled and were last trading at 12c.
POL Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
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