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Now 49c.

 

Another iron ore project receieving much attention from the market atm. IOH, MIS, CFE have all done well in recent weeks and this one is no exception.

 

The iron ore price has been rumoured to be increasing by 10% in 2007 with the Chinese all over them.

 

http://www.bciron.com.au

 

BC Iron 25c shares open at 48c, now 47c

14:00, Friday, 15 December 2006

 

Sydney - Friday - December 15: (RWE Australian Business News) -

BC Iron Ltd (ASX code: BCI) pleased the stags when it joined the market

lists this afternoon.

The 25c shares opened at 48c, fell to 43c and improved to 47c.

More than 2 million shares were traded in 90 minutes.

BC Iron's float closed heavily oversubscribed while the priority

offer to Alkane Exploration Ltd (ASX code: ALK) shareholders also

received a significant response.

The $6 million float will underpin extensive drilling programs

targeting widespread channel deposits within the recently consolidated

Nullagine iron ore project, comprising adjoining tenements held by

Consolidated Minerals Ltd (ASX code: CSM) and Alkane in the East Pilbara

region, one of the fastest growing iron ore provinces in the world.

 

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BC Iron surges 117% on ASX debut

15-December-06 by AAP

 

Western Australian iron ore hopeful BC Iron Ltd made a very strong debut on the Australian stock exchange today as company prepares to start drilling on tenements in the state's Pilbara region in the first quarter of next year.

 

BC Iron began trading at 48 cents, 92 per cent above its 25 cent initial public offer price, and closed at 53.5 cents.

 

"I must say I was surprised, I didn't think it would be that high," managing director Mike Young said of the company's first day performance.

 

Mr Young said company, which raised $6 million from the share sale, was in the process of dealing with the native title claimants and the mines department before a planned drill campaign in March.

 

"We are planning to at this point to start drilling in mid-March," he told AAP.

 

"We'll start generating numbers from that in April/May and if we feel that we are confident on the geological continuity then we would love to put a resource out at the conclusion of that broad spaced program."

 

The company was formed through the spin-off of the iron ore assets of Alkane Exploration Ltd and Consolidated Minerals Ltd in the Nullagine region of Western Australia.

 

Mr Young said from the detailed mapping and drilling conducted by Alkane Exploration the company was able to determine there was about 200 million and 600 million tonnes of channel material on the tenements.

 

BC Iron's ground is located approximately 50 - 100 kilometres east of the existing BHP Billiton Ltd railway line and 20 to 30 km north of Fortescue Metals Group Ltd's proposed operations.

 

"In terms of the infrastructure, FMG are obligated under the WA Railways Act to allow us access to the railway, they are not obligated to transport for us, but they are obligated to allow us access," he said.

 

"I haven't had any discussions with FMG or BHP at this point, certainly all the public statements coming out of FMG is they would allow third party access."

 

BC Iron plans to spend more than $3 million on exploration over the next two years.

 

"I would envisage in a hypothetical case that we would look at trying to be onstream when FMG's rail line opens up in 2008," Mr Young said.

 

Mr Young is a former exploration manager for Cazaly Resources Ltd and a founding director of Bannerman Resources Ltd.

 

BC Iron issued 24 million shares to raise the equity.

 

http://www.wabusinessnews.com.au/en-story....n-ASX-debut/dba

 

 

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Now 63c. http://www.sharescene.com/html/emoticons/lmaosmiley.gif

 

BC Iron leads listings

 

Rebecca Lawson

Monday, 18 December 2006

 

BC IRON'S spectacular debut on Friday was only compounded by its stellar finish at the end of its first day of trading on the Australian Stock Exchange, with its shares closing at a 114% premium to its issue price.

 

The company's shares opened at a 92% premium at 48c and ended the day at 53.5c, with the share price climbing higher still in morning trade today, rising another 6.5c.

 

With an initial public offer that closed early and heavily oversubscribed ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ raising $6 million through 25 million shares at 25c each ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ BC Iron was formed by the merging of certain tenements of both Consolidated Minerals and Alkane Exploration in the Nullagine area in Western Australia.

 

BC Iron will focus on the Nullagine iron ore project, which comprises adjoining tenements held by Alkane and Consolidated in the East Pilbara region, which BC Iron said is "currently the fastest-growing iron ore provinces in the world".

 

The region is host to major existing and new iron ore mines including Fortescue Metal Group's Christmas Creek and Cloud Break mines, both currently under development.

 

BC Iron will explore some 1500 square kilometres of tenements at Nullagine targeting three separate channel deposit systems and spend a total of $3.25 million on exploration for the first two years.

 

Using detailed mapping and limited drilling information completed during Alkane's diamond exploration in the 1990s, BC Iron has determined that an "exploration target of between 200 million tonnes and 600Mt of iron-bearing pisolitic palaeochannel exists in the Bonnie Creek system".

 

"The drill holes were logged in detail but not assayed for iron, however surface sampling has returned values of up to 59% iron within the Bonnie Creek system," BC Iron said.

 

Heading the charge at BC Iron is managing director Mike Young, non-executive chairman Tony Kiernan, non-executive directors Terry Ransted, Steven Chadwick and Garth Higgo, and Lindsay Colless is company secretary.

 

Perth-based stockbroker DJ Carmichael was lead broker to BC Iron's issue.

 

Three other exploration outfits also listed on Friday, with all three debuting at a premium to their 20c issue price.

 

Base metals explorer North Queensland Metals opened at 26.5c (32.5% premium) after raising $2.5 million in its IPO. The funds will enable the company to complete a feasibility study at its Baal Gammon copper deposit and initiate an exploration program.

 

In the board room, Neville Thomas occupies the non-executive chairman role, Bruce Kay, Donald Walker, Michael Douglas serve as non-executive directors, John McKinstry heads up as chief executive and Oliver Carton takes the company secretary role.

 

North Queensland's shares closed at 23c on Friday and were trading at 20c this morning.

 

Minerals explorer Pluton Resources debuted at 32c (60% premium) and has a portfolio of assets in Western Australia, Tasmania and Fiji.

 

The company said tenements in Tasmania and Fiji are prospective for high grade or bulk tonnage copper, gold and silver, while WA is prospective for iron ore.

 

Heading up the company is Anthony Schoer as managing director and CEO, Albert Wong is non-executive chairman, Raymond Schoer, Neville Wran and Arun Jagatramka are non-executive directors and Alistair Reed is executive director.

 

Pluton ended Friday trading at 31.5c and the stock was slightly higher at 32.5c this morning.

 

Finally, uranium-focused Palace Resources bucked the trend of recent stunning debuts of uranium-focused exploration outfits, debuting at 21c (5% premium).

 

Palace has two projects in the North Territory with an option to acquire a third in WA and will spend $1.7 million on the first two years of exploration.

 

Anthony Short will serve as chairman while Matthew Sullivan occupies the director chair and Roland Berzins takes on the roles of director and company secretary.

 

Palace finished its first day of trading at its 20c issue price and the stock was unchanged in morning trading today.

 

 

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Just hit 68c http://www.sharescene.com/html/emoticons/wink.gif

 

Young is a former exploration manager for Cazaly Resources Ltd and a founding director of Bannerman Resources Ltd and he is surprised at the increase in SP? http://www.sharescene.com/html/emoticons/laughingsmiley.gif

 

"BC Iron's ground is located approximately 50 - 100 kilometres east of the existing BHP Billiton Ltd railway line and 20 to 30 km north of Fortescue Metals Group Ltd's proposed operations.

 

"In terms of the infrastructure, FMG are obligated under the WA Railways Act to allow us access to the railway, they are not obligated to transport for us, but they are obligated to allow us access," he said.

 

"I haven't had any discussions with FMG or BHP at this point, certainly all the public statements coming out of FMG is they would allow third party access."

 

BC Iron plans to spend more than $3 million on exploration over the next two years.

 

"I would envisage in a hypothetical case that we would look at trying to be onstream when FMG's rail line opens up in 2008," Mr Young said.

 

Mr Young is a former exploration manager for Cazaly Resources Ltd and a founding director of Bannerman Resources Ltd.

 

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BEIJING, Dec. 25 -- Baosteel Group, China's largest steelmaker, said Saturday it had agreed to pay 9.5 percent more for iron ore from Australian miner BHP Billiton. http://www.sharescene.com/html/emoticons/smile.gif

 

The deal follows a similar agreement with Brazilian miner Companhia Vale do Rio Doce, or CVRD, signed Thursday in Shanghai.

 

The price rise, agreed late Friday, would take effect from April, 2007, Baosteel said in a statement.

 

Baosteel represented the domestic steel industry in negotiations with the miners. This is the first time that China has set the industry's benchmark price, which is then typically accepted by other miners and steel mills.

 

Iron ore prices have risen thanks to rapid growth in demand from the domestic steel industry, the world's largest, which is on track to produce about 420 million tons of crude steel this year.

 

Global iron-ore contract prices have increased for four consecutive years. They increased 19 percent in 2004, 71.5 percent the following year and 19 percent in 2006.

 

(Source: Shenzhen Daily)

 

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