IMO there is no doubt that todays announcement has significantly improved the fundementals of this emerging producer. Whats more to the upside is that they have only began to explore the further potential to increase the tonnage of iron ore on one of the other tenements in what is one of if not the best Iron Ore area in Australia....
UMC is here to stay...
As part of that program, vertical RC hole number UI 314 has returned the best data recorded so far, the significance of which is the sustainable high grade and thickness. (see Figure 1 for hole location). Drill Hole UI 314 117m grading 63%Fe (from 61m to 177m) Impurities grading 2.5% Si02, 3.0% Al203, 0.07% P This includes: 30m grading 67.05% Fe (from 65m to 95m) Impurities grading 0.59%Si02, 1.71% Al203, 0.09%P
UMC Price at posting:
$1.07 Sentiment: Hold Disclosure: Held
