Australian Premium Iron Joint VentureAquila Resources Limited commenced exploring for iron ore in the Pilbara region of Western Australia in January 2004. It was recognised early on that there are two main types of iron ore deposits mined in the Pilbara that should form the priority targets for exploration:
Target settings were generated from remote sensing studies using satellite technology to identify areas with similar spectral signatures to the known Pilbara iron ore occurrences. Applications were lodged for new tenements where the identified prospective ground was untenanted. Where targets fell on granted tenements held by parties whose commodity focus was not on iron ore, approaches were made to secure the iron ore rights through a series of farm-in and acquisition agreements. Australian Premium Iron Joint Venture Australian Premium Iron Joint Venture (API) is an unincorporated joint venture, with Aquila Resources Limited (Aquila) holding a 50% participating interest in the venture. The Australian Premium Iron Joint Venture was formed on 14 February 2005 and was based initially upon the iron ore mineral rights held by Aquila Resources Limited in the Pilbara region of Western Australia. The Joint Venture is managed by API Management Pty Ltd through an experienced and dedicated exploration and development team operating from Aquila's corporate office in Perth. View API-Management Since the formation of the Joint Venture, various commercial arrangements have been entered into with third parties in order to explore for and develop iron ore resources in prospective areas located in the Western Pilbara regions of Western Australia. These arrangements combine to form the West Pilbara Iron Ore Project (Project) and have been the focus of exploration, environmental and technical investigations since 2005. |
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