18 January
2008
Weld Range Accelerated Drilling Program
Seven drill rigs operational by March
Iron ore
producer, Midwest Corporation Limited (“Midwest”)
today announced its $11m Weld Range Drilling Program is progressing well with
four drilling rigs currently operating in the field, and plans to increase to
seven drilling rigs in March.
Midwest
CEO Mr Bryan Oliver announced the accelerated drilling program on 4 December
2007 to rapidly advance Midwest’s exploration of its priority Weld Range
resource tenements.
“This
is Midwest’s largest single drilling program, highlighting our commitment
to the region and confidence in the Weld
Range project,” Mr
Oliver said.
“Wecurrently have two Reverse Circulation (RC) and two
diamond core rigs operating on site at Weld Range
drilling in highly prospective ground. Our objective is to increase Midwest’s confirmed 114Mt of haematite Mineral
Resource (JORC), as well as providing information for mine pit design and
management” Mr Oliver said.
“Bythe end of January another RC rig will be in operation,
with an additional RC rig and a diamond core rig expected to be operational on
site in March this year.
“Our
accelerated drilling program drilling is due to be completed by August 2008,
and we remain on track to complete our Pre-Feasibility Study for the
development of the Weld
Range mine by September
2008,” Mr Oliver said.
Weld Range
is one of five high potential iron ore projects currently underway in close
proximity in the Mid West region, the others being Jack Hills, Koolanooka Haematite, Koolanooka
Magnetite and Robinson
Range.
On 14
January 2008 Midwest announced that the
Midwest Board continues to discuss the terms and conditions of a potential
transaction with Sinosteel. There is no certainty
that the discussions with Sinosteel will lead to a
transaction. The Midwest Board also recommended shareholders REJECT the Offer from Murchison Metals.
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End
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PHOTO
AVAILABLE: High resolution
photo of drill rig available for download from Purple photo gallery: http://www.purplecom.com..au/gallery.asp
For
further information contact:
Martin Debelle
Warrick Hazledine
Cannings
Purple Communications
Ph: + 61 2 9252
0622
Ph: + 61 8 9485 1254
Mob: + 61 409 911 189
Mob: + 61 417 944
616
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