Padbury Mining Limited (ASX:PDY) Joins Geraldton Iron Ore Alliance
Sydney, Australia (ABN Newswire) - Iron Ore explorer Padbury Mining Limited (ASX:PDY) has joined the Geraldton Iron Ore Alliance as an Associate member.
Located about 450km north east of Geraldton, Padbury's flagship Peak Hill Iron Joint Venture is in the early stages of project development targeting magnetite and hematite.
The company defined an initial JORC compliant Inferred Resource for Peak Hill in April this year of 850Mt at 27.3% Fe and is also prospective for hematite (Direct Shipping Ore - DSO), with a A$5.5 million drilling program under way to assess the DSO potential. This program is also targeting an increase and upgrade of the magnetite resource.
An aggressive program of work is planned for next year to move the project into pre-feasibility, with production targeted for 2015-2016.
Managing Director Gary Stokes said Padbury was working towards becoming a major Mid West iron ore producer and joining the ranks of the GIOA reflected the Company's growing maturity.
'With the development of the Oakajee Port and associated rail network, the Mid West will become Australia's next big iron ore region and we are excited to be a part of that growth,' he said.
'The GIOA offers a valuable network to its member companies and I look forward to working with them and contributing to the advocacy of our region.'
About Padbury Mining Limited:
Padbury Mining Limited (ASX:PDY) is a Perth-based, ASX-listed mineral exploration company focused on the development of its significant iron ore assets in Western Australia's Mid West region.
The company's flagship Peak Hill Iron Joint Venture is a highly prospective magnetite and hematite iron ore project located at Robison Range, about 450km north east of Geraldton.
The Company has a solid program of work planned to develop the Peak Hill project over the next three years, with production targeted for 2015-2016.
Source:
Padbury Mining Limited
Contact:
Gary Stokes
Managing Director
Tel: 61-8-6460-0250
Media Inquiries
Tamatha Smith
Mob: 61-433-569-701