News

July 01, 2009

Tally Ho! Shares In Spitfire Resources Take Off In Anticipation Of A Maiden Manganese Resource At South Woodie Woodie

By Our Man in Oz

Manganese has never been the stuff to stir the blood of a hard-core investor. Not unless it is the cause of a company more than doubling its share price in less than a month, that is. That is what has happened to Spitfire Resources since late May thanks to the discovery of a manganese deposit which could officially be classified a resource as early as September. According to James Hamilton, Spitfire’s executive chairman, the Tally-Ho structure in central Western Australia, won’t initially show up as a big orebody. But that doesn’t matter. “It will be our first resource” he said, “and there are excellent signs that we’ll find a lot more.”

Driving interest in Spitfire, shares in which have risen from less that A7 cents in late  May to a high on Monday of A14.5 cents, is a combination of the discovery itself, the location along strike from the rich Woodie Woodie manganese mine, and the tightly-controlled world manganese market which is in desperate need of fresh sources of supply. Hamilton told Minesite that over the past few months he had received a steady increase in inquiries from Asian steel mills keen to break free from...