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Apollo Minerals Directors Step Down

Apollo Minerals (ASX: AON) directors David Nolan and Raymond Xia have retired from the Board.

The company has recently delivered a maiden Scoping Study for the Commonwealth Hill iron ore project that supports the potential for a competitive iron ore operation.

The study on the Sequoia deposit has identified processing and infrastructure paths, including that the ore can be trucked 25 kilometres to the Adelaide to Darwin railway and then sent to an export facility at Port Pirie in the Spencer Gulf.

Apollo believes it could land the ore on a free on board (FOB) basis at $64 per tonne.

The study assumes that the project will have mineable inventory of 131 million tonnes run of mine with a strip ratio of 1.1:1.

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 150μm.

The study shows that the operations can be scaled up to 5 million tonnes per annum for more than 20 years by processing iron ore from the Ibis Prospect.

The project will now move to an exploration and resource definition drilling phase and a pre-feasibility study that would pave the way for developing the Commonwealth Hill iron ore project.

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