WPG releases Giffen Well PFS results

Company News

Iron ore developer WPG Resources Limited (ASX:WPG) has released the results of its preliminary feasibility study (PFS) for the development of the Giffen Well project in South Australia. 
 
Executive Chairman Bob Duffin says the results indicate an affordable iron ore project complete with key infrastructure solutions. 
 
The PFS revealed capital requirements for the Giffen Well project to be the lowest of any Greenfield magnetite project in Australia.
 
Operating costs are projected to be in line with WPG’s Peculiar Knob direct shipping ore project, which was sold in 2011 and is now in production. 
 
WPG says the project is expected to annually produce 5 million tonnes of high grade magnetite concentrate.
 
WPG reported a net profit of $100 thousand in the first half of fiscal 2012.