Adelaide, Sep 7, 2006 AEST (ABN Newswire) - IC2 Global Limited is pleased to announce that an exploration licence has been granted for its magnetite Victory Bore project in Western Australia.
Victory Bore lies within the same area east of Geraldton which this week attracted Precious Metals Australia to a local alliance of iron ore players as well as plans by the private Yilgarn Infrastructure group for a A$2 billion rail and port development to service iron ore mines in the region.
The granted exploration licence announced today (E.L. 57/550) covers 160 square kilometres between the gold mining centres of Sandstonre and Youranmi and will be traversed by a major gas pipeline.
IC2 Global, which is undertaking a three stage farm-in to the prospect with the licence holder Mutual Holding Pty Ltd, now has 12 months to complete a pre-feasibility study and conduct an initial drilling program.
Stage Three, to commence at the option of IC2, will see the project move to a minimum 50 million tonne JORC compliant Inferred resource of iron ore.
"The timing of the application grant could not have been better, coming amid ongoing strong global demand and equally strong interest by overseas steel investors in new iron ore projects in Australia," IC2 Global's Chief Executive Officer, Mr Rodger Johnston, said today.
"Critically, we can now get on with the job of proving up Victory Bore and adding it to the emerging number of successful iron ore explorers moving to producer status in the Mid-West and establishing its credentials as a genuine alternative to historic provinces such as the Pilbara," Mr Johnston said. "The ore bodies may not be as well known as the Pilbara but they are of sufficient size, scope, grade and shallow depth to allow a good margin, steady cash flow contribution to the national iron ore sector."
Contact
Kevin Skinner
Senior Consultant
FIELD PUBLIC RELATIONS
231 South Road
MILE END SA 5031
Tel: (08) 8234 9555
Fax: (08) 8234 9566
Mob: 0414 822 631
kevin@fieldpr.com.au
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