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GWR GROUP LIMITED Capital/Financing Update 2007
65031_rns_2007-05-21_919f22f9-cab3-448f-81a6-0ba52a3246f0.pdf
Capital/Financing Update
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ABN 54 102 622 051
22 May 2007
| Corporate Summary | |
|---|---|
| ASX Code: - GWR |
|
| Issued Capital: 63 Mil | Go |
| Issued Options: 39 Mil | COI |
| Market Cap fully diluted May 07: \$A194 Mil |
the Au |
| Th | |
| Contact Details | res |
| 6/136 Main Street | Th |
| OSBORNE PARK | cor |
| Western Australia 6017 | Re: Ťк |
| $+61892019202$ Tel: |
|
| $+61892019203$ Fax: |
Th |
| ide a p |
|
| [email protected] | Go |
| www.goldenwestresources.com | stu ant |
| Enquiries: | Th |
| Wi | |
| Gary Hutchinson | the |
| Managing Director | Th |
| Mick Wilson | kik |
| Exploration Manager / Director | |
SCOPING STUDY COMMENCES FOR WILUNA WEST IRON PROJECT IN WA
olden West Resources Limited (ASX: GWR) is pleased to announce the mmencement of a scoping study for the production and sale of iron ore for Stage Two plan from the Company's Wiluna West Project in Western stralia
e scoping study will be conducted by Snowden Consulting Group with the ults expected to lead into a full feasibility study.
e decision to proceed with the scoping study follows last month's nfirmation of an initial 50 million tonne $\omega$ 61% Fe Inferred Mineral source and encouraging transport cost data provided by Longrun ansport Developments Pty Ltd.
is preliminary study of the option of exporting ore through Esperance, entified rail and port costs for that route totalling A\$25 per tonne based on roduction rate of 10 million tonnes per annum
lden West has now commissioned Longrun to also conduct a transport dy on the alternative Wiluna-Oakajee Port route on which the Company icipates a saving of 20% due to the 200km shorter distance.
e Company currently has three reverse circulation drill rigs working at lluna West and is confident of substantially increasing in the short-term, recently announced Inferred Mineral Resource of 50 Mt.
e Wiluna West Iron Project, 35 kilometres southwest of Wiluna and 450 ometres north of Kalgoorlie, currently comprises:
- ◆ 50 Million tonne Inferred Mineral Resource $@61\%$ Fe outlined to date.
- $\div$ Direct shipping hematite with low levels of phosphorous and LOI.
- ❖ Exploration so far has tested only approximately 30% of the prospective strike
- $\div$ 3 RC drill rigs presently on site
- $\div$ Project potential of at least 150 to 250 million tonnes of iron ore.
Ph: (08) 9201 9202 · Fax: (08) 9201 9203 · [email protected] · www.goldenwestresources.com PO Box 260, Osborne Park, Western Australia 6917