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Strike Resources update on Apurimac iron ore JV in Peru
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Tuesday, 25 Dec 2012
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It is reported that Strike Resources is set to provide an update on its Apurimac iron ore JV in Peru and has requested a voluntary suspension from the ASX until 31st December 2012.

Strike's two principal projects in the bulk commodities market include the Apurimac and Cusco iron ore projects in Peru, with the Apurimac in the pre-feasibility stage.

It is hoping to establish a 15 million tonne per annum operation in Peru based on current iron ore resources totaling 374 million tonnes and potential access to additional resources of 178.6 million tonnes held by Cuervo in Cusco, all with significant upside.

Strike holds warrants in Canada listed Peruvian explorer Cuervo Resources, which if exercised, will allow it to acquire up to 49% of Cuervo.

The JV Apurimac Ferrum holds concessions covering almost 600 square kilometer of highly prospective ground with the most advanced project, Opaban, containing iron ore resources totaling 269 million tonnes at an average grade of 57.3% iron.

Though Strike has a 50% interest in the project via a 50% shareholding in Peruvian company Apurimac Ferrum, which holds the project's mineral concessions, Strike now has the option to buy JV partner D&C's shares in Apurimac Ferrum.

Source - Proactive Investors

(www.steelguru.com)

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