Iron Ore Holdings is expected to unveil a bumper resource upgrade at its Iron Valley deposit in the Pilbara as early as tomorrow.
Expectations IOH will confirm a 100 million-tonne-plus resource at Iron Valley have seen the junior's shares rise sharply in the past month, up 68 per cent since the start of June.
Shares in the Mal Randall-chaired junior were placed in a trading halt this morning. They last traded at 84ยข.
IOH unveiled a maiden resource for the deposit of 88.2mt in March, with stellar drill results since fuelling expectations of a significant upgrade. The news comes as IOH continues to consider options to develop Iron Valley.
It has already signed a mine gate sales agreement over its smaller Phil's Creek project with Rio Tinto, which should provide it with some early cash flow.
That deal, expected to be finalised within months, should put it in the race with fellow Pilbara player BC Iron to become the region's next producer.
IOH is controlled by Kerry Stokes, the chairman of WA Newspapers.
KATE EMERY
