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Alien Metals Ltd - London-based exploration and development company - Says initial independent scoping study for the Hancock iron ore project in the Pilbara district of Western Australia demonstrates "exceptionally strong returns are possible" from a potential development. Initial life of mine studies show current resource will sustain eight-year life based on mining rate of 1.3 million tonnes per year with a pre-production capital estimate of less than USD30 million.
"Given the exceptional results from the scoping study, the company has begun planning the next stages of development with the appointment of a highly experienced iron ore operations manager to commence the permitting process," says Alien.
Chief Executive & Technical Director Bill Brodie Good says firm "could not be more pleased" with progress on project.
Current stock price: 0.81 pence; up 11% on Tuesday
Year-to-date change: down 36%
By Paul McGowan; paulmcgowan@alliancenews.com
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