China Armco Metals, Inc. (AMEX:CNAM)
Recent Price: $3.76
CNAM is heating up for Summer as news is released regarding acquisition of Apollo Minerals. A proven perfomer, China Armco Metals has achieved strong results with recent reports of full year 2009 revenue reaching a record $86.9 million, up 57% from 2008
and 1st quarter 2010 revenue increased to $8.6 million, up
59% from $5.4 Million in the 1st quarter of 2009.
Breaking News: China Armco Metals Agrees to Acquire up to a 19.9% Stake in Apollo Minerals Ltd., an Australian Iron Ore Exploration Company, for Approximately U.S. $3.6 Million
This morning before the markets opened, China Armco Metals, Inc. (NYSE Amex: CNAM) announced that it has agreed to Acquire up to a 19.9% stake in Apollo Minerals, Ltd. ("Apollo"), an Australian iron ore exploration company, for approximately U.S. $3.6 million in cash.
Apollo is an Australian iron ore exploration company listed on the Australian Securities Exchange. Apollo owns the exploration rights of two mineral tenements at Mount Oscar in the Pilbara region of Western Australia, containing a significant iron ore deposit. The Mount Oscar Project is located about 25 kilometers south of the Cape Lambert Iron Ore Project which delivered resource estimates of 1.5 billion tons of 31.2% iron ore that was sold in July 2008 to China Metallurgical Group Corporation (MCC) for over U.S. $300 million. Apollo's tenements are believed to contain a similar quality of iron ore as found at Cape Lambert. Geophysical models compiled by an independent consultant, Southern Geoscience Consultants, have estimated a total global tonnage of 800 million tons of iron ore between surface and a depth of 250 meters. Apollo intends to use the cash infusion to advance its exploration activities, to carry out processing option studies and to evaluate opportunities to access local infrastructure and other project opportunities.
http://www.wallstreetenews.com/fullstory.php?id=1862
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