SHARES in Ascot Resources have risen after the minerals explorer signed a $2 million deal to acquire the Wonmunna Iron Ore Project in the Pilbara region of Western Australia.
Ascot is hoping to produce five million tonnes of iron ore from the project, located near Rio Tinto's West Angelas and Hope Downs iron ore assets.
The deal with Ochre Group, an iron ore explorer, includes the issue of 88 million Ascot shares, a maximum of $2 million in cash and a further $29.75 million to be payable five years after the transaction is completed.
Ascot Resources shares were up 1.7 cents, or 22 per cent, at 9.5 cents at 1500 AEDT.
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