Atlas Iron lifts its strategic stake in Warwick Resources 19th June 2008, 10:45 WST
Shares in iron ore explorer Warwick Resources Ltd have jumped on news that soon-to-be iron ore producer Atlas Iron Ltd has lifted its strategic stake in the company.
Atlas today upped its stake in Warwick from 15.33 per cent to 19.54 per cent.
Shares in Warwick were up seven cents, or 15.56 per cent, to 52 cents at 10.24am while Atlas shares were seven cents, or 1.84 per cent, higher at $3.87.
Warwick yesterday announced that it will bring forward the scheduled drilling of its largest iron ore target at the Woggaginna project, which is 35km south of BHP Billiton Ltd’s Jimblebar iron ore mine and railway in Western Australia’s Pilbara region.
“The opportunity to bring forward the drilling of Woggaginna has arisen due to better than expected drilling progress on the company’s iron ore resource projects, Jimblebar Range, Jimbelbar CID (channel iron deposit) and Caramulla South,” Warwick said in a statement.
AAP
Ends.
Cheers, Pie :)
WRK Price at posting:
0.0¢ Sentiment: None Disclosure: Held
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