Golden West lifts WA project resource

July 30, 2008

July 30th (The Age) – Iron ore explorer Golden West Resources Ltd has increased the mineral resources at its flagship Wiluna West project in Western Australia, making it the second largest hematite resource in the state’s emerging mid-west iron ore province.

The iron ore resource at the project, in the inferred category of Australia’s mineral reporting code, now totals 119 million tonnes (Mt) grading 58.9 per cent iron, up 33 Mt on the previous resource of 86 Mt grading 60.1 per cent iron.

The company expects to further increase resources at the project within a fortnight based on a resource upgrade of the C4 deposit plus additional drilling information for the Bowerbird South deposit.

The largest reported hematite resource in the Mid-West is the Weld Range iron ore project, which is owned by Sinosteel Corporation-controlled Midwest Corporation Ltd.

Hematite is the most favoured variety of iron ore because it does not require processing.

Golden West Resources Ltd is expected to be a foundation customer of a new, yet-to-be-developed deep water port at Oakajee, 22km north of Geraldton, which is expected to be completed by about 2013.

Midwest was trumped by its one-time rival Murchison Metals Ltd on Tuesday when Murchison was selected by the state government as the preferred tenderer to develop the new port.

Shares in Golden West were steady at $1.80 at 1131 AEST.

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