golden cross, page-66

Interesting read below, Pilbara region: ( The Age Online )

All's shared in iron ore amid boom

Mathew Murphy
July 1, 2009

KERRY Stokes' Iron Ore Holdings has produced a 50 per cent increase in its mineral resource in the Pilbara in an announcement that Andrew Forrest's Fortescue Metals will be noting with interest.

Mr Stokes' 52 per cent-owned junior iron ore producer announced its Iron Valley project was now a 132 million tonne resource — only three months after it flagged an initial 88 million tonnes in March.

The Iron Valley project is wedged between land occupied by BHP Billiton, Rio Tinto and Fortescue in Western Australia. Of particular note is the deep, 97-metre deposit at 60 per cent iron, which sits in the northern section of Iron Ore Holdings' land and next to Fortescue.

Iron Ore Holdings said the resource "remains open along strike and at depth", indicating the two neighbours are likely to share the benefits. Results from the diamond-head drilling program, conducted in tandem with the recent drilling, are expected to be announced in August.

Iron Ore Holdings managing director Matt Rimes said he believed there would be "reasonable upside in additional resource. It is a landmark resource for a small junior and we believe we have got suitable recognition from the market and look forward to releasing future news in August this year."

Shares in Iron Ore Holdings soared almost 5 per cent on the news before finishing down more than 2 per cent, or 2¢, at 82¢, as investors settled their portfolios for the end of the financial year.

Fortescue shares rose 8¢, or 2 per cent, to $3.79.