Atlas Iron Ltd has announced that, pursuant its option agreement with Haddington Resources Ltd announced on 15 January 2008, it has given Haddington notice of its intention to exercise its option to acquire the iron ore rights to 6 Pilbara tenements from Haddington. Atlas will issue Haddington 485,437 Atlas shares, being AUD 1,000,000 in Atlas shares at an issue price of AUD 2.06 (the 5 day VWAP prior to the option agreement being signed on 15 January 2008) by no later than 13 May 2009. These tenements, which form part of Atlas’ Mt Webber DSO Project, are between 75 and 160km from Port Hedland, less than 60km from the FMG and BHPB railways and less than 60km from the Great Northern highway. Some of these tenements adjoin the company’s Abydos project.
