Gaggin IMO good entry price now, even higher and even lower... as long as you DYOR...
PILBARA IRON ORE PROJECT 100% +110 MILLION TONNE JORC COMPLIANT RESOURCE OF DIRECT SHIPPING MARRA MAMBA IRON ORE OUTLINED AT THE RAILWAY PROSPECT
The Railway Prospect is located 330km south of Port Hedland in the world class central Pilbara iron ore province.
• The Directors are pleased to announce that the Company has outlined a substantial high grade direct shipping Marra Mamba iron ore (DSO)deposit at the Company’s Railway Prospect.
• The high grade DSO resource shows very low levels of impurities. • The deposit is near surface, shallow and has a low strip ratio of approximately 1:1 or less. • The Railway Prospect is extremely well located with respect to existing infrastructure. Two Rio Tinto railways lie within three kilometres of the deposit, and a BHPB railway is within twenty five kilometres. • The recently reported Rio Tinto ground breaking deal with another ASX listed iron ore junior to enter into mine gate sales has potential to provide a rapid path for UMC mine development along similar lines. Rio Tinto has publicly advised that the key criteria for a similar deal would be the quality of the ore and proximity to infrastructure. UMC has both. • The Company’s preferred development plan is for a production rate of 5mtpa and 10mtpa.
UMC Price at posting:
$1.27 Sentiment: Hold Disclosure: Held
