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Market:	ASX
Sector:	General Mining
EPIC:	AQA
Latest Price:	5.97 (-2.77% )
52-week High:	8.87
52-week Low:	4.06
Market Cap:	2,234.98M

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Aquila Resources

Aquila Resources had a wide range of assets at various stages of development spanning coal, iron ore and manganese in Australia, South Africa and Botswana.

Aquila Resources shares up $1.12 as resource to West Pilbara Iron Ore Project increases to 156Mt

Monday, November 30, 2009

Shares in Brisbane-based Aquila Resources (ASX: AQA) have received a significant boost after the company reported an update to the JORC Resource estimate for the Australian Premium Iron Joint Venture in relation to its West Pilbara Iron Ore Project in Western Australia.

News of the JORC Resource estimate upgrade to the project, which Aquila holds a 50% interest, sent shares soaring by $1.12, or 12%, to $10.94.

The revised Resource estimate for the Hardey Deposit of 156.08 million tonnes at 61.47% Fe represents an increase of 93.18 million tonnes from the previously released Resource (62.9 million tonnes).

Following the completion of an extensive reverse circulation drilling program, a revised Resource estimate has been completed for the Hardey bedded iron deposit, a potential extension of the West Pilbara Iron Ore Project – Stage 1 development.

Brockman and Marra Mamba type mineralisation has been identified at the Hardey Deposit and is subdivided below.

The company believes there is significant potential to further expand both the Channel Iron and Bedded Iron Resources.

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