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Strike Resources Limited trades on the Australian Securities Exchange (ASX) under ASX Code: SRK. Strike is an Australian-based mineral development company with a diversified asset portfolio including a thermal coal project in Indonesia, hematite and magnetite iron ore projects in Peru and hematite and minerals sands projects in Australia:
Strike has completed a Pre-Feasibility Study (PFS) on its Apurimac Iron Ore Project, which focuses on the development of a 20 million tonnes per annum mining operation with iron ore concentrate transported by slurry pipeline to the coast. The PFS has confirmed that the Apurimac Iron Ore Project has the potential to become a highly profitable world class iron ore operation, with:
In light of tight credit and capital markets, reduced commodity prices and the dispute with its local partner (D&C Group) in Apurimac Ferrum S.A. (AF) (the Peruvian company that holds the Apurimac and Cuzco Projects), Strike has determined to significantly reduce its expenditure in Peru until the dispute is resolved and/or credit, capital and commodity markets show clear signs of recovery. In the short term, the principal focus of Strike is to expand the resource base at Berau Coal Project and bring it into production in 2009, which is expected to generate significant recurring cash flow for Strike.
JORC Resources 1. Berau Thermal Coal Project JORC Indicated Resource of 8.1 million tonnes of sub-bituminous thermal coal with an average calorific value of 5,756 kcal/kg and low ash (6.8%), low sulphur (0.73%) and low Inherent Moisture content of 13.8%:
2. Apurimac Iron Ore Project The resource estimate completed as part of the PFS has provided a significant re-rating of the resource on two Apurimac concessions, from a JORC Inferred Iron Ore Resource of 172 million tonnes at 62.28% Fe to a JORC Indicated Resource of 133.5 million tonnes at 59.40% Fe:
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