Fairstar makes iron ore discovery
July 29, 2008
July 29th (The Age) – Junior explorer Fairstar Resources Ltd, which failed in a bid to take over Golden West Resources Ltd this year, says it has made a potential iron ore discovery near Kalgoorlie in Western Australia.
Fairstar said rock chip sampling had potentially discovered an iron ore deposit containing direct shipping ore at the Lindsay Dam tenement 110 kilometres southeast of Kalgoorlie.
The company said the discovery is the first of its kind in the area and only 23 kilometres from the Trans Australian railway.
Fairstar this year failed in its hostile all-scrip takeover attempt of iron ore hopeful Golden West Resources.
Its shares were up 1.5 cents or 10.34 per cent to 16 cents at 1141 AEST.