AGO - Atlas Iron

[adobee]

ADDITIONAL EXCELLENT RESULTS ENHANCE WODGINA DSO PROJECT
high grade, near surface results from its
ongoing RC drilling program at Wodgina 100 kilometres south of Port Hedland in the Pilbara of Western Australia. New intersections include:
46 metres at 60.6 % Fe, 0.04% P, 4.78% SiO2 and 1.13% Al2O3 from surface
36 metres at 60.8% Fe 0.05 % P, 3.44% SiO2 and 1.19% Al2O3 from surface
36 metres at 60.1% Fe 0.08% P, 4.78% SiO2 and 0.72% Al2O3% from 14 metres

100% AGO

 

[adobee]

We have a buyer !! Still a fair way to go but AGO looks to be increasing there strong position to whether the global storm and become a dominant player in the iron ore market.



ATLAS ENTERS INTO LONG TERM OFF-TAKE AGREEMENT FOR 30% OF PARDOO DSO
Atlas Iron Limited (ASX Code: AGO) is pleased to announce that it has entered into a long term off-take agreement with a medium-sized Chinese steel mill. The agreement is based on the Free on Board (FOB) sale of approximately 30% of iron ore produced from its 100%-owned Pardoo DSO Project for the period to 31 March 2012, with the price referenced to the long term benchmark and subject to the normal iron ore market discounts for ore of the grade that Atlas will produce. The first shipment under this long term off-take agreement is expected to be completed by the end of March 2009. Mining is currently underway at the Bobby deposit at the Pardoo Iron Ore Project, from which ore for the first shipment under this agreement will be sourced. The agreement was executed after careful evaluation of the extremely competitive bids received both from trading groups and steel mills. “The level of interest demonstrated in the Atlas product has been very strong, despite the challenging global economic situation” commented Atlas Managing Director, David Flanagan. “Atlas is looking forward to developing a, win-win relationship with our first long term off-take partner and to finalising negotiations with other interested parties for the remainder of the projected Pardoo production,” he added. This arrangement excludes the two shipments from the lower grade Connie deposit announced on 3 November 2008 and today, 19 December 2008. Off-take negotiations for the balance of the Pardoo iron ore are ongoing and the Company expects to complete and disclose further contracts in the short term

 

[trillionaire#1]

it was nice to read the latest announcements from AGO this morning
looks as though they have as bright a prospects as any small/mid cap miners.

 

[adobee]

Now offers a great deal more security to potential investors.. and further offtake announcements in the short term to boost the share price.. I have picked up more this morning pre 80c and am hoping for a strong run prior to closing.. I am sure todays annoucement will be attracting alot of interest..

 

[justiceotp]

Its is amazing how the market reacts to news like this, currently trading at 79c gain of only 2c you would have expected a better gain than that from good news like this.

 

[Motogoon]

Its is amazing how the market reacts to news like this, currently trading at 79c gain of only 2c you would have expected a better gain than that from good news like this.

I think thats probably because theres still a lot of uncertainty about the demand for iron ore and hence the price its worth. Look whats happened to the price of oil because of low demand!

They've only got an agreement for 30%, And at what price was that sold?

 

[kirtdog]

will be watching this one personally, they look good on paper but i think they are over priced at the moment.. would jump in anywhere below 0.5.. hopefully it will hover around there soon for those jumping on board..

 

[justiceotp]

I don't expect they will go down to 0.50 but anything is possible in the current market, there are quite a few BUY recommendations out from various brokers with target prices ranging from $2-$4. These guys have 95 mil in bank and no debt. They are also putting into place some nice long term contracts, I'm currently a holder and would but more if i had some more spare cash lying about.

 

[kam75]

The late november low at 0.405 looks like a bottom for now but I would not touch AGO until a break of 1.00. There's simply no buying pressure there at the moment. The volume has to come back into this stock before I'll get interested.

 

[adobee]

Overvallued ???? Where you going try under valued.. there is 100mill in the bank.. will keep them running full throttle for at least three years and there are now cash inflows... plus alot more assets the 150mill..

anyway TRADING HALT PENDING NEW DRILL RESULTS... lets go baby..

this and aar is the only stock I am currently holding... avg price 70c... I am thinking 85c+ would be a nice break out to make another move..

 

[justiceotp]

Hopefully some good news here will give some strong gains when trading resumes, kirtdog you probably should have jumped on board last couple of days but who knows even with good news no guarantee much upward price movement nowadays.

 

[justiceotp]

Sorry probably should have added this link to one of my previous posts, but a recent analysis on atlas by Hartleys
http://www.atlasiron.com.au/irm/Company/ShowPage.aspx?CPID=1817

 

[SM Junkie]

I was suprised to read that Harley only dropped the previous valuation by a few cents, so they are certainly optimistic.

Throughout this whole financial disaster, the news from Atlas has only continued to be positive. It's nice to see one of my stocks bringing me back into the black.

 

[kirtdog]

I wanna kick myself. i think you guys r right hopefully today nobody notices lol.......................

 

[adobee]

I dont think it is about to take off overnight so relax... but if we can close above 85c then that will be fantastic...

Really good news that Hartleys maintain AGO as a BUY with valuation close to $4.. hardly any downgrading at all... especially interesting to see they had buyers for 100% of there offtake but knocked them back to lower risk.. clever thinking....

 

[muzzza]

I dont think it is about to take off overnight so relax... but if we can close above 85c then that will be fantastic...

Really good news that Hartleys maintain AGO as a BUY with valuation close to $4.. hardly any downgrading at all... especially interesting to see they had buyers for 100% of there offtake but knocked them back to lower risk.. clever thinking....

Ended up finishing at 85.5 cents Holding... Looking forward to watching this one in 2009.. DYOR...

 

[justiceotp]

Yes Kirtdog don't be too concerned its still good buying at 85c I don't think too many people here myself included will be selling too soon.

 

[jonojpsg]

Looks like some attention is being paid today! High of $1.05 and will be interesting to see where it ends up.

 

[maungatapu]

Looks like some attention is being paid today! High of $1.05 and will be interesting to see where it ends up.

The previous high on 3 Nov was $1.07. Opened at 89c closed at 96c. Could be a bit of resistance around $1.05/$1.07.

It sure took off.

 

[justiceotp]

Yes it did very well today still plenty stacked up on the buy side so hopefully it can push through.