UPDATE: Cardero Resource Reports Maiden Resource Estimate for Sheini Hills Iron Project; Stock Hikes 6%

By Midnight Trader,  January 11, 2013, 11:52:30 AM EDT

Cardero Resource Corp. (CDU.TO) announced the results of the maiden resource estimate for the Sheini Hills Iron Project, Ghana.

The report showed an estimated inferred mineral resource of 1.3 billion tonnes, with mean grades of 33.8% Fe, 6.0% Al2O3, 37.3% SiO2 and 0.27% P, using a 15% cut-off grade, all of which falls within a Whittle optimization pit with a global strip ratio of 0.93.

CDU went up by 6% to 44 cents, almost hitting day high 45 cents. Over 451,000 CDU shares have changed hands.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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