Sydney - Monday - August 7: (RWE Aust Business News) - Australasian Resources (ASX:ARH) has an ore reserve estimate for the Southern Block at Balmoral iron ore project, Western Australia.
The estimate suggests that extraction of iron ore from the Southern Block could reasonably be justified based on technical and economic factors.
The ore reserve shows a probable 346 million tonnes at 23.1 per cent magnetite for a total iron of 31.7pc.
Only the previous indicated resource estimate of 385 million tonnes was considered for conversion to reserves.
Inferred resources were not considered as further exploration is required to increase the level of confidence in this estimate.
Australasian shares were in a trading halt and last traded at 21.5c. lizzi
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