27 apr 2005 08:30:13 drilling to start at frances hi guys
recent announcement:
27 Apr 2005 Drilling to Start at Frances Creek
like most resource stocks, TFE has fallen as well from approx 40cents now 20cents.
drilling will start late May.
approx 100mill shares issued about 56mill tradeable, approx $10million in the bank.
Suite 4, 111 Colin Street, West Perth, WA 6005
PO Box 158, West Perth WA 6872
Phone (08) 9483 5100 Fax (08) 9483 5111
27 April 05 Press Release 2
TERRITORY IRON Limited
MEDIA RELEASE
TERRITORY IRON DRILLING TO START
RECENTLY listed Territory Iron Limited (“Territory Iron” or the “Company”) is scheduled
to start an intensive drilling campaign focussing on its Frances Creek tenements in late May.
The Company has budgeted in the upcoming field season approximately $3.8 million of the
$10 million it raised in its initial public offering.
The Company’s managing director, Mr Doug Stewart, said Territory was targeting sufficient
Measured and Indicated Resource tonnage of high grade (plus 60% Fe) iron to enable a
production decision to be made.
“Frances Creek currently has a JORC standard Inferred Resource of 3.4 million tonnes at
61.5% Fe” said Mr Stewart. “Our strategy is to focus on outlining sufficient Measured and
Indicated resource at Frances Creek by year end to justify a decision to mine. At the same
time we will be drilling along the very considerable strike length of prospective host rock to
test some of the 50 known occurrences on the tenements.”
The main focus of work at Frances Creek will be to convert Inferred Resources to Indicated
and Measured and to explore for additional Resource tonnes. Territory Iron identified about
one million tonnes of iron mineralisation at 63.4% Fe in the Helene 6/7 deposit last year.
This is the first stage in preparing for the revival of the mine which closed in 1974 after
Cyclone Tracy damaged the railway and associated infrastructure.
Mr Stewart said a combination of high iron ore prices, construction of the new Alice Springs
to Darwin railway and plans for the new loading facilities at Darwin had significantly
improved project economics for Frances Creek.
The Company also plans to undertake a study on its Warrego tailings project near Tennant
Creek which contains iron in the form of magnetite fines and to continue work on its Rum
Jungle and Mt Bundy projects, which are also located in the Northern Territory.
Since listing on the Australian Stock Exchange Limited on 11 March 2005, the Company has
established new offices in West Perth, appointed its management and operating team and
secured two drilling rigs to start an intensive drilling campaign towards the end of May 2005.
Released for and on behalf of Territory Iron Limited.
For further information, please contact Mr Doug Stewart on (08) 9483 5102.
TFE
territory iron limited
