Polaris iron project to cost AUD 130 million

July 30th (Steel Guru) – It is reported that a pre feasibility study for West Perth based Polaris Metals’ Carina deposit has valued initial capital costs at between AUD 120 to AUD 130 million.

Polaris in an announcement said that it would make a formal decision on that recommendation once it completed studies of the preferred option for rail and port infrastructure by the end of 2008. It hopes to have two reverse core drilling rigs and one diamond rig on the site by August 2008, with work on flora and fauna studies also ongoing.

Polaris Metals in brief – Presentation on Mining Aust-Asia Conference

July 18th (Iron Ore Daily Post) – Aussie Polaris Metals has published its presentation for Mining Aust-Asia Conference, which provides a briefly report on the company’s projects and plans, as well as its main financial figures. Click and read the latest Polaris Metals Report.

Polaris rights issue raises $11.6m

June 9th (WA Business News) – There was strong support from existing shareholders for West Perth-based iron ore explorer Polaris Metals rights issue which raised $11.6 million from a rights issue.

The renounceable rights issue consisted of one new share for every five shares held at an issue price of 45 cents per share which closed oversubscribed last week.

Nearly 26 million shares were offered, raising $11.6m before costs.

The net proceeds will enable Polaris to complete pre-feasibility studies on the Yilgarn and Poondano iron ore projects and move into further development with a view to commencing production in 2010.

Holding statements for the new shares to be issued will be despatched by 12 June 2008 in accordance with the timetable in the prospectus.