Atlas Iron Limited (ASX:AGO) Quarterly Activities Report For June 2009
Perth, July 31, 2009 AEST (ABN Newswire) - Atlas Iron Limited (ASX:AGO) is exporting iron ore through the port of Port Hedland and actively exploring for Direct Shipping Ore (DSO) in the Pilbara of Western Australia. With a growing number of high quality iron ore projects and one of the largest exploration landholdings in the Pilbara, the Company is defining resources and reserves capable of being mined with relatively low capital expenditure. The Company is targeting a total of 175 to 235 million tonnes of iron ore at between 57% Fe and 60% Fe from its combined Pilbara projects.
While exporting iron ore from the Pardoo mine (Atlas' first mine development), Atlas is also active in feasibility assessment, new acquisitions, target generation and grass roots exploration. Ongoing project definition through acquisition, exploration and feasibility projects has delivered a strong project pipeline which the Company considers has the potential for production rates up to 12 million tonnes per annum of Direct Shipping Ore (DSO) by 2012.
As the Company demonstrates its capacity to discover, assess and execute, it is well positioned to advance a number of projects concurrently with the intention to both expand the Company's production base and extend mine life.
CORPORATE
At the end of the June 2009 quarter Atlas Iron Limited had 342,830,715 shares on issue. The top 20 shareholders hold approximately 57% of the issued capital. Since the end of the quarter report the Company has issued 47,204,806 shares pursuant to the second tranche of the placement announced on 15 June 2009 and Atlas's Share Purchase Plan As at 30 June 2009 the Company had $124 million of cash on hand, which has increased to $164 million as at 29 July 2009 following completion of the placement and share purchase plan.
Since the last quarterly report the Company has issued 43,524,893 shares. The shares were issued as follows;
Allotment under Tranche 1 of June 09 capital raising - 40,013,970 shares.
Exercise of options - 875,000 shares.
Issues to vendors of iron ore rights and infrastructure access rights - 2,635,923 shares.
For the complete Atlas Iron Quarterly Activities Report for June 2009, please click the link below:
http://www.abnnewswire.net/media/en/docs/61165-ASX-AGO-454985.pdf
About Atlas Iron Limited
Atlas Iron Limited (ASX:AGO) is an independent Australian iron ore company, mining and exporting Direct Shipping Ore (DSO) from its operations in the Northern Pilbara region of Western Australia. Since listing on the ASX in late 2004, Atlas has grown rapidly and is now a member of the ASX100 index.
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