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Apollo Minerals In Halt Pending Announcement Of Farm-In

Apollo Minerals (ASX:AON) is in trading halt pending an announcement of a farm in joint venture with another ASX listed company.

The halt will be in place until 12 February, 2013.

Last quarter, Apollo completed the scoping study for the Sequoia iron ore deposit at the Commonwealth Hill project in South Australia.

The study showed potential to support a 17 year mine life at 2.5 million tonnes per annum sales.

The study also showed that the extraction and onsite processing of iron ore from the Sequoia mineral resource is likely to be successful, and the project warrants progression to pre-feasibility study stage.

Apollo estimated the direct start up capital expenditure at US$333 million.

Last quarter, Apollo also published exploration target at the Kango North project to range between 200-300 million tonnes at 30-45% Fe.

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