finally some news

Friday, September 09, 2005
IRON Ore Holdings, which has performed a remarkable share price rise in the past month, says it has identified 16 new exposed channel iron deposit targets within its Pilbara iron ore tenements.

The company's share price has soared from its 35c close price on its opening day of trading on the ASX in June to be trading at $1.02 in mid-afternoon trade.

Shares in the company [IOH] hit an all-time high late last month of $1.33 with the company's only explanation for the price rise contained in a recent response to an ASX query where it cited the recent financial success of Rio Tinto's iron ore division as a possible factor.

The company said a program of remote sensing and aerial photography had been conducted over its Lamb Creek, North Marillana and Yandicoogina Creek properties which had confirmed the presence of 20 targets of which four had previously been identified.

IOH said the prospectivity of the targets ranged from "very high to limited" following analysis of 166 surface rock samples that returned an average iron content of 57.8%.

The second stage of exploration is now planned which will involve target mapping and selection of targets for drilling which start as part of stage three in the December quarter with a total of $4 million allocated to exploration of the ground over the next two years.

In July the company completed a preliminary scoping study with the company stating that results had indicated the potential for a road haulage operation from its Pilbara iron ore tenements.

The company's five assets are all found on the Marillana-Yandicoogina-Weeli Wolli Creek drainage system and include the Lamb Creek project, Yandicoogina and North, South and East Marillana.

IOH listed on the Australian Stock Exchange in May after raising $6 million in its IPO through the issue of 20c shares.