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  • Apollo Minerals' Major Shareholder Jindal Steel And Power Buys More Shares 0 comments
    Feb 26, 2013 7:17 PM

    Apollo Minerals' (ASX: AON) major shareholder Jindal Steel and Power continues to demonstrate its support for the company, subscribing for 10 million new shares for $400,000.

    Proceeds will be used for the exploration and development of Apollo's Commonwealth Hill Iron and Titan Base-Precious Metals projects in the highly prospective Gawler Craton in South Australia.

    "This new investment by Jindal Steel & Power is welcomed support by one of the company's major shareholders - an important steel producer in its own right," chief operating officer Dominic Tisdell.

    Jindal is part of a A$12 billion Indian steel and energy conglomerate based in New Delhi, India.

    "Collectively, our recent capital raising initiatives give the company the finances necessary to continue the exploration and development of its projects while ensuring that shareholder wealth remains protected."

    The investment by Jindal, which increases its stake in Apollo to 11.7%, comes on the back of the company's recent $650,000 placement to institutional and sophisticated investors.

    Apollo is also raising up to A$1 million through a Share Purchase Plan to existing shareholders who are being offered up to $15,000 worth of shares at $0.04 per share.


    A recently completed ground gravity survey at the Acacia East Base Metals Prospect at the Titan Base-Precious Metals project had identified isolated, near surface, ultra-high density domains supportive of supergene enrichment zones and a potential high grade cap.

    The vertical profile interpretation represents a "classic IOCGU alteration" model similar to the archetypal Olympic Dam Deposit, owned and operated by BHP Billiton (ASX: BHP).

    Acacia East is centred on a discrete 2 kilometre by 2 kilometre zone of magnetite destruction likely to be associated with a large-scale hydrothermal system located immediately alongside a regionally significant structure - the Coorabie Fault.
    It represents a high priority drill target for Apollo, and the company plans to begin first phase drilling at the prospect this quarter.

    Commonwealth Hill

    Last quarter, Apollo completed the Scoping Study for the Sequoia iron ore deposit at the Commonwealth Hill project in South Australia that demonstrated the potential to support a 17 year mine life at 2.5 million tonnes per annum sales.

    The open cut mine life of about 17 years has a projected output of about 2.5 million tonnes per annum, with sales of 42 million tonnes at 68.8% iron at an exceptionally coarse sizing of around P80 150 microns.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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