iron ore deal 208 to 215 mt

Announcement out second iron ore deal and the SP gets hammered.
Maybe they should announce they have no idea and no prospects then maybe the SP would go up.....Sheesh what do they have to do.



9 July 2008
Company Announcements Office
ASX Limited By e-Lodgement
Dear Sir/Madam
SECOND SWEDISH IRON ORE DEAL TO EXPAND IRON ORE EXPLORATION
TARGET TO 208 - 215 MT OF MINERALISATION
Highlights:
�� WAG Limited (WAG or the Company) has entered into a second farm-in
agreement with Beowulf Mining Plc (Beowulf) pursuant to which, subject to
shareholder approval and certain other conditions, the Company has agreed to
complete drilling, metallurgical testwork and a magnetic survey programme by
April 2010 to earn a 50% interest in Beowulf’s Kallak Project.
�� The Kallak Project consists of one Exploration Permit covering 500 hectares
located in Northern Sweden, approximately 70km south east of Beowulf’s
Ruoutevare Project. The Company announced on 5 June 2008 that it had entered
into a conditional farm-in agreement with Beowulf to earn a 50% interest in the
Ruoutevare Project.
�� The Kallak Iron deposit was discovered by the Geological Survey of Sweden
(SGU) in 1947-48. Based on exploration by SGU consisting of limited drilling and
geophysical surveys, SGU estimated that Kallak has target iron mineralization
ranging from 88Mt to 92Mt at a grade range of 35% – 42% Fe.
�� Based upon the work carried out by SGU, the Company’s combined exploration
target for the Ruoutevare and Kallak Projects is 208 – 215 Mt of mineralization
with average grades of 35 – 42% Fe. The potential quantity and grades for both
Ruoutevare and Kallak are conceptual in nature. There has been insufficient
exploration to define a Mineral Resource under the JORC Code and it is
uncertain if further exploration will result in the determination of a Mineral
Resource.
�� The two iron ore projects potentially represent an excellent opportunity to
generate a commercially attractive iron ore resource proximate to the EU market.
�� Further detail concerning the Kallak Project can be found on Beowulf’s website at
www.beowulfmining.com.