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Strike Resources to update on Apurimac iron ore JV in Peru

Strike Resources to update on Apurimac iron ore JV in Peru

Strike Resources (ASX:SRK) is set to provide an update on its Apurimac iron ore joint venture in Peru and has requested a voluntary suspension from the ASX until 31 December 2012.

Strike's two principal projects in the bulk commodities market include the Apurimac and Cusco iron ore projects in Peru, with the Apurimac in the pre-feasibility stage.

It is hoping to establish a 15 million tonne per annum operation in Peru based on current iron ore resources totalling 374 million tonnes and potential access to additional resources of 178.6 million tonnes held by Cuervo in Cusco, all with significant upside.

Strike holds warrants in Canada-listed Peruvian explorer Cuervo Resources , which if exercised, will allow it to acquire up to 49% of Cuervo.

The joint venture Apurimac Ferrum holds concessions covering almost 600 square kilometres of highly prospective ground with the most advanced project, Opaban, containing iron ore resources totalling 269 million tonnes at an average grade of 57.3% iron.

Though Strike has a 50% interest in the project via a 50% shareholding in Peruvian company Apurimac Ferrum, which holds the project's mineral concessions, Strike now has the option to to buy joint venture partner D&C's shares in Apurimac Ferrum.

Strike emerged as a "shootout" winner and can now move to a 100% ownership of Apurimac Ferrum after the JV partners failed to purchase all of Strike's shares and repay Strike's loans by 15 November 2012.

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