It is reported that Cape Lambert Iron Ore has been given the nod to go ahead with an acquisition to take a 37.6% stake in NiPlats, a company developing Australia's largest vanadium deposit.

Cape Lambert, through its subsidiary Mineral Securities Operations, received the green light after shareholders gave the company approval to acquire a 37.6% shareholding in NiPlats and secure a strategic stake in NiPlats.

MSOL, a wholly owned subsidiary of Cape Lambert, was acquired by the company as a part of the transaction earlier this year that saw it take on the assets of CopperCo.

Cape Lamber now controls 30 million shares in NiPlats, representing a 37.6% interest with a market value of approximately USD 17.4 million, based on NiPlats closing share price of 58 cents on November 11th 2009.

The tenements contain a very large vanadium deposit with Indicated and Inferred Resources totalling 851 million tonnes at 0.32% (at 0.23% V2O5 cut off grade), comprising an Indicated Resource of 334 million tonnes at 0.32% V2O5 and an Inferred Resource of 517 million tonnes at 0.32% V2O5 which includes a high grade zone of 279 million tonnes at 0.39% (at 0.365% V2O5 cut off grade), comprising an Indicated Resource of 107 million tonnes at 0.4% V2O5 and an Inferred Resource of 172 million tonnes at 0.39% V2O5.

Mr Tony Sage chairman of Cape Lambert said that "This shareholding provides Cape Lambert with a strategic stake in a company developing Australia’s largest vanadium deposit and is a part of the company's value adding strategy. We are looking forward to working with NiPlats and its endeavours to achieve maximum returns for NiPlats and its shareholders."

(Sourced from www.proactiveinvestors.com.au)