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Small Cap: GLM To Acquire QLD Iron Ore Project
November 29th. 2007 - Australasian Investment Review – (AIR)

Gulf Mines (GLM) rose today after the minerals exploration company announced that it has entered into an option agreement with Queensland Industrial Minerals (QIM) to acquire an iron ore project near Bundaberg in QLD.

QIM is the owner of this significant iron ore project which covers 88 square km.

Gulf Mines is currently finalising its due diligence process which is scheduled for completion before Christmas.

“The acquisition of this Iron Ore project could add a third significant mineral arm to Gulf Mines’ existing projects,” said managing director of Gulf Mines, Graham Raveleigh.
The projects already owned by Gulf Mines are the Copper and Uranium project at Wollogorang NT and the Ebagoola Gold project in Far-North Queensland.

The company said that as pertinent facts about the new Queensland project become available, it will make further announcements to the market.

Gulf Mines rose by 7.14% today to close up at 60 cents.

Bluescope Unveils Blueprint.

Shares in BlueScope rose up as much as 5.5% to $9.97 on Thursday after the company unveiled a blueprint which will focus on the company’s Australian and New Zealand domestic business.

Managing director Paul O’Malley outlined a renewed strategy and direction for the Company at an analyst and media briefing in Sydney.

“The blueprint will build on BlueScope Steel’s outstanding heritage and capabilities. With a stronger customer emphasis, we will concentrate on growing steel use in our domestic markets, as well as driving manufacturing excellence, optimising procurement, enhancing our supply chain and improving our capital planning, to drive improvement in shareholder value.”

The company said it had identified more than 200 different blueprint initiatives, and is hoping to deliver outcomes over the next three years.
Simply put, BluePrint initiatives are projects, upgrades and plans the company is undertaking into the future. “For example, at Port Kemble Steelworks we are undertaking a feasibility study for an approximately $1 billion co-generation plant,” O’Malley said.

BlueScope is Australia’s largest steel producer with operations in Australia, New Zealand, Asia and United States.

Shares in the company finished the day 35 cents up at $9.80.

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