Atlas Iron has given Haddington Resources notice of its intention to exercise its option to acquire the iron ore rights to six Pilbara tenements from Haddington.
The notice is pursuant Atlas Iron’s option agreement with Haddington Resources (announced on 15 January 2008).
Atlas will issue Haddington 485,437 Atlas shares, being $1,000,000 in Atlas shares at an issue price of $2.06, by no later than 13 May 2009.
These tenements, which form part of Atlas Iron’s Mt Webber DSO Project, are between 75 and 160 km from Port Hedland, less than 60 km from the FMG and BHPB railways, and less than 60 km from the Great Northern highway.
Some of these tenements adjoin the company’s Abydos project.
According to the company, Mt Webber forms another important link in the Company’s objective of growing a substantial production base from the ‘Greater Abydos Project’ area south of Port Hedland.
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