Sunday, 03 Jul 2011
Reuters reported that Talon Metals a Canadian iron ore miner reported a 48% rise in inferred resources at its flagship Trairão iron project at Pará State in Brazil.
The company which operates two iron ore exploration projects in northern Brazil estimates total inferred mineral resources at the Trairao project to be about 688 million tonnes at an average grade of about 37% iron.
It said in a statement that Talon expects to drill five more rigs beginning next month at the project.
Mr Eddie Scholtz Chief Executive said "We see great potential for this iron deposit in part as it has the advantage of relatively easy mining options as a surface deposit."
The company expects to complete the distribution of the 25.6 million shares or about 42% of fertilizer company Rio Verde Minerals Corp to its shareholders in July.
Talon expects the distribution to be finalized before Rio Verde goes public, which is anticipated next month. (sourced from Reuters)
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