Cazaly Tumbles On Shovelanna Lease Decision 0029 GMT [Dow Jones]...

Cazaly Tumbles On Shovelanna Lease Decision

0029 GMT [Dow Jones] Cazaly Resources (CAZ.AU) down 17% at 17.5 cents as it resumes
trading after losing its legal battle for control of the Shovelanna iron ore deposit.
Application for special leave to appeal decision to grant tenement to Rio Tinto (RIO.AU)
was rejected by High Court. Cazaly snapped up the tenement when Rio Tinto failed to renew
its license in time, but the WA government awarded it back to Rio. Shares being sold as
any hopes of snatching the deposit from Rio fade, but MD Nathan McMahon says the company
has projects of value outside Shovelanna. (APW)