Proactiveinvestors recommends

Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	AON
Latest Price:	0.04 (2.63% )
52-week High:	0.10
52-week Low:	0.04
Market Cap:	10.51M

1 year chart

1 day chart

Apollo Minerals

Apollo Minerals (ASX: AON) is an iron ore exploration company advancing two wholly owned projects - the Mount Oscar Project in the Pilbara region of Western Australia and the Commonwealth Hill Project in South Australia.

At Mount Oscar, Apollo Minerals has a total exploration target of 500Mt of magnetite-bearing banded iron formation at 31-37% Fe.

Apollo Minerals in trading halt pending capital raising announcement

Monday, November 07, 2011

Apollo Minerals (ASX: AON) has been granted a trading halt by the ASX pending the release of an announcement about a capital raising.

The company expects to make an announcement on or before the commencement of trading on Wednesday 9 November, 2011.

Apollo is conducting a ground gravity survey on its Mt Oscar East property in Western Australia to attempt to identify significant quantities of near surface, directly shippable ore (DSO) similar to that delineated in the Roper Bar district of the Northern Territory.

The project is located in the hub of the Pilbara, 30 kilometres from the proposed Port Anketell and necessary infrastructure.

China Armco Mining (AMEX: CNAM) recently took up a shareholding of 12.5 million shares for 19.9% in Apollo for A$4.3 million and off-take rights for 15% of the iron ore produced at market price.

CNAM is engaged in metals recycling and the distribution of metal ore, steel scrap, and non-ferrous metals within China. The CNAM investment would seem to have removed near term funding risk from Apollo.

Apollo has a market capitalisation of A$11 million. In a recent comparison within its immediate peer group represented by 16 local iron ore explorers with valuations as high as A$800 million, Apollo carried the lightest valuation.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.