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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	AON
Latest Price:	0.04 (0.00%)
52-week High:	0.10
52-week Low:	0.04
Market Cap:	10.51M

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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.

US Listed Chinese Steel Group to acquire strategic interest in Apollo Minerals

Wednesday, June 09, 2010 by Jeff Coote

Apollo Minerals (ASX: AON) has entered into a Subscription Agreement with US-OTC listed company China Armco Metals Inc (OTC BB: CNAM) for Armco to take up to a 19.9% interest in Apollo at a total subscription of A$4.3m.

The placement will involve an initial issue of 12.5m shares at $0.15 each, under the company’s existing 15% capacity, to raise A$1,875,000 before costs.

After shareholder approval is received, a further issue of 16.75m shares at $0.15 each to raise a further A$2,512,500 before costs.

China Armco Metals, Inc. is a U.S. based company doing business in China. Armco & Metawise (H.K.) Ltd., a wholly owned subsidiary of China Armco founded in July 2001, is engaged in the distribution of metal ores, steel scrap, and non-ferrous metals within China.

Apollo owns the exploration rights of three mineral tenements at Mount Oscar in the Pilbara region of Western Australia, containing a significant iron ore deposit.

In a statement Apollo said the funds raised will be used to advance the company’s exploration activities, to carry out processing option studies and to evaluate opportunities to access local infrastructure and other project opportunities.

Apollo has agreed to an offtake agreement to sell to Armco not less than 15% of the off-take from its flagship Mount Oscar iron ore project.

Sevag Chalabian, Apollo’s Chairman, believes the agreement with Armco will play a key role towards advancing the company’s exploration success along “with potential customers in the rapidly growing Chinese iron ore and steel industries.”

Prior to entering into the Subscription Agreement, Armco conducted an extensive due diligence, including a site visit to the company’s flagship Mount Oscar project and believes the project has the potential to become a significant iron ore project.

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