Atlas increases resource

Atlas Iron has seen its resource skyrocket in the last year.

Atlas Iron announced yesterday that it has greatly increased its direct shipping ore (DSO) resource to 187 million tonnes.

The resource, which comes in at 56.6% Fe, is a 97% increase in Atlas’ DSO resource in the last six months, and jump of 230% from the previous year.

This stellar rise has come from increased drilling, which brought about a 49% increase, and the recent merger with fellow iron ore explorer Warwick Resources, Atlas Iron managing director David Flanagan said.

He went on to say that this is an excellent result for a company of Atlas’ size during one of the worst economic downturns in the past 50 years.

The company announced that this resource base has allowed it to achieve its key goals of growing exports to an annual rate of six million tonnes per year, eventually rising to 12 million tonnes annually by 2012.

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