1,500 per cent share price rise on back of nickel-copper find:...

1,500 per cent share price rise on back of nickel-copper find: Diggers and Dealers
By Tara De Landgrafft from Kalgoorlie , WA
Wednesday, 08/08/2012
It's been quite some time since any reports of a spectacular rise in a share price on the back of a new mineral find, but there's one that's been the talk of the Diggers and Dealers mining conference in Kalgoorlie-Boulder this week.
Sirius Resources is a small exploration company in Western Australia that's struck not gold, but but a rich nickel and copper deposit bear the Fraser Range in Western Australia.
Upon releasing its first results that showed spectacular grades of both minerals, the Sirius share price jumped 689 per cent.
And it didn't stop there. Within weeks the stock had climbed a staggering 1,500 per cent.
Managing director Mark Bennett says although WA is recognised as one of the worlds great nickel provinces, the type of deposit the company has found is different to those already here.
"It's different to anything else in Western Australia, or Australia for that matter.
"From what we know so far it's more like the deposits in Canada which are often quite big.
"Being a nickel and copper deposit, it's different to what's usual for WA."
Given that the copper price has languished lately and nickel remains at lows, why has the stock had such a spectacular rise?
Mark Bennett says there's a few reasons for that.
"First of all, everybody likes a new discovery, even when the markets bad, and perhaps that focuses it more. A bit of good news amidst the doom and gloom.
"The fact that this is potentially a different style of deposit makes it special, and those bigger deposits are often big enough and low cost enough to weather all the price cycles and be low cost producers.
"If you can find one of these beasts, it's the sort of thing that can be profitable for a long time, irrespective of what's going on in the wider world.'
Sirius Resources share price rose from 0.06c on 20th July to close at 0.80c today.

http://www.abc.net.au/rural/resource/stories/s3563405.htm