Business
Company Update
Company Update.
About this update from Atlantic Lithium Limited.
[{"type":"text","content":"\n \nRNS Number : 1342E IronRidge Resources Limited 14 July 2016 \n\n14 July 2016 \nIronRidge Resources Limited\n(AIM: IRR)\nCompany Update\n \nFollowing the recent increase in the share price of IronRidge Resources Limited, (\"IronRidge\" or the \"Company\"), the Board wishes to provide the following general company update to shareholders and investors.\n \nSince IronRidge made its AIM debut in February 2015 with the successful raising of £9.7m, the iron ore market has seen unprecedented volatility and its lowest prices in a decade. \n \nThe current state of the global iron ore market and the outlook for prices in the next five years is not currently conducive to extensive iron ore exploration and development. Accordingly, IronRidge is taking a conservative approach to the investigation of its iron ore projects in Gabon until the iron ore price returns to a level which would underpin a likely project development. The Company's strategy continues to be, in part, to identify and secure on favourable terms, iron exploration and or development assets that complement its existing projects in Gabon.\n \nAs previously stated, IronRidge's strategy is to create and sustain shareholder value through the discovery of world-class and globally demanded commodities. In order to augment the Company's Iron Ore strategy and provide an additional basis for growth, IronRidge has been conducting a thorough review of its current Australian assets and a top down global search with a focus on gold, for new grass roots and/or advanced projects which show the potential for the discovery of world class deposits. This has involved an intensive research and review program using in-house geological expertise. \n \nIron Ridge's initiatives have identified several opportunities, which are the subject of ongoing investigation in the ordinary course of the Company's business. \n \nVincent Mascolo, CEO commented: \"Driven by market conditions and with a solid treasury, our business strategy review was crucial and timely\"\n \n\"We are also pleased with the continued support of our major shareholders; Assore Limited of South Africa, Sumitomo Corporation of Japan and DGR Global Limited of Australia.\"\n \n\"I believe IronRidge is well positioned for a promising future and we look forward to kee...