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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (30427)	12/16/2008 9:30:08 PM
From: LoneClone	Read Replies (1) \| Respond to of 193988

Cape Lambert stock rises sharply on transaction talk Australia's Cape Lambert seeks to leverage strong cash position and is in talks on potential investment opportunities Posted: Tuesday , 16 Dec 2008 BANGALORE (Reuters) - mineweb.com Australian iron ore explorer Cape Lambert Iron Ore Ltd (CLIO.L) (CFE.AX) said on Tuesday it was reviewing a large number of investment opportunities at both the asset and company level, and its shares rose more than 15 percent in morning trade. The London-listed company said it was implementing an investment strategy that leveraged off its strong cash position of more than A$220 million ($147 million). It said it was in talks with a number of companies regarding potential transactionse. Cape Lambert Iron Ore said initial drilling at its Cape Lambert South Project in Australia was on track to be completed by mid-December, and it expects drilling results in early 2009. Initial work at the Marampa Iron Ore project in Sierra Leone, West Africa, will begin in January, it said. At 0935 GMT, Cape Lambert's London-listed shares were up 15.8 percent at 11 pence. (Reporting by Srikanth Srinivasa in Bangalore; Editing by Mike Miller)