Atlas Iron increased iron ore reserve in North Pilbara by 50pct

Friday, 19 Aug 2011

The West Australian reported that Atlas Iron has increased its iron ore reserves in the North Pilbara by 50%.

Atlas said its reserves in the region were estimated now at 79.3 million tonnes.

Atlas North Pilbara projects include the Pardoo and Wodgina mining operations as well as the Mt Dove, Abydos, Mt Webber and McPhee Creek development projects.

Atlas holds 70% of the Mt Webber project a joint venture with Altura Mining and 75% of the Daltons project in joint venture with Haoma Mining.

The company in a statement said that "Atlas is now an established iron ore producer and exporter with strong customer relationships. The company has achieved significant growth in resources and reserves in the same period where we expanded production by 600%."

Atlas said it was continuing to focus on reserve conversion in the North Pilbara with up to five drill rigs in the field. It said further infill drilling designed to extend and upgrade resources is underway or proposed at Wodgina, Abydos and Mt Webber.

The upgrade was not enough to lift Atlas shares from the wave of negativity on world markets with the miner falling eight cents or 2.13% to USD 3.67 by 8.25 AM.

(sourced The West Australian)