Huang Chung
17-01-2010, 02:24 PM
GLA have been a sleepy little minnow for quite a while, but news of them entering into an option agreement with Orosur Mining (TSX/LSE) to explore for and develop the iron ore, manganese ore and base metals in OMI’s project area in the Isla Cristalina Belt in Uruguay has sent their share price flying.
As part of the agreement, a report to OMI covering the iron ore and manganese ore exploration resource potential at the Isla Cristalina project area together with a conceptual development plan (my emphasis), has to be furnished before 30 April 2010, but you get the feeling if they are talking about a development plan, they already have a fair idea as to the area's potential. A positive report could send GLA's share price further north.
Former BHP man Geoff Wedlock is Chairman of GLA.
Option agreement:
http://www.stocknessmonster.com/news-item?S=GLA&E=ASX&N=476349
Proactive Investors article:
http://www.proactiveinvestors.com/companies/news/3566/gladiator-resources-options-orosur-minings-iron-ore-manganese-and-base-metal-interests-in-uruguay-3566.html (http://www.proactiveinvestors.com/companies/news/3566/gladiator-resources-options-orosur-minings-iron-ore-manganese-and-base-metal-interests-in-uruguay-3566.html)
I'm in, but am looking at GLA as very much a high risk punt, especially since the large run up in price.
As part of the agreement, a report to OMI covering the iron ore and manganese ore exploration resource potential at the Isla Cristalina project area together with a conceptual development plan (my emphasis), has to be furnished before 30 April 2010, but you get the feeling if they are talking about a development plan, they already have a fair idea as to the area's potential. A positive report could send GLA's share price further north.
Former BHP man Geoff Wedlock is Chairman of GLA.
Option agreement:
http://www.stocknessmonster.com/news-item?S=GLA&E=ASX&N=476349
Proactive Investors article:
http://www.proactiveinvestors.com/companies/news/3566/gladiator-resources-options-orosur-minings-iron-ore-manganese-and-base-metal-interests-in-uruguay-3566.html (http://www.proactiveinvestors.com/companies/news/3566/gladiator-resources-options-orosur-minings-iron-ore-manganese-and-base-metal-interests-in-uruguay-3566.html)
I'm in, but am looking at GLA as very much a high risk punt, especially since the large run up in price.