PRZOOM - /newswire/ -
Winston-Salem, NC, United States, 2011/06/27 - SmallCapReview, A leading site for news and information on small caps, penny stocks and microcaps is adding Allied American Steel (AAST) to its list of stocks "On the Radar" - SmallCapReview.com.
Allied American Steel (AAST) is an exploration company focused on the discovery and production of significant iron ore resources, and the titanium dioxide resources often associated with iron deposits.
It holds interest in the Lake Touladi property, which consists of 68 contiguous mineral claims totaling 9,447 acres and is located on the eastern seaboard in the province of Quebec, Canada.From its headquarters in Pittsburgh, PA, Allied American is positioned to continue the strategic expansion of its property portfolio on North America's eastern seaboard, granting easy access to world export markets.
A 43-101 technical report (Michel Boily, PhD. P. Geo, May, 2010) commissioned by the sellers of the Lake Touladi Property cited 4 major mineralized zones (A to D) on the property. The combined estimated historical mineral resources for Zones A and B alone were cited by the report as 124 million tons (Mt) grading an average 23.3 wt. % iron (Fe) and 6.6 wt. % titanium dioxide (TiO2).
Based on information supplied by the sellers of the property, drilling that confirmed mineral resource depths at more than 330 meters indicates the Lake Touladi Property represents an inferred resource of 248 Mt, and a production life of 45.9 years. According to previous owners, using an assumed value of $291 per ton in the ground, the potential in-situ value of this resource could exceed $72 billion. The company will be evaluating the net value of the project after more drilling, a metallurgical study and a scoping study is complete.
AAST Investor Highlights
Announced the appointment of Senior Geologist, Richard Tschauder, to the Company's management team. Mr. Tschauder is a senior geologist with over thirty years of experience in the mineral exploration and mining industry. For 15 years, Rick was chief geologist for Hecla Mining Company (NYSE: HL). From 1984 until 1995, he was involved in acquisition efforts that led to a ten-fold increase in Hecla's gold reserves, and was instrumental in bringing a number of mines to the production stage, including Golden Promise and Golden Eagle, Washington; Rosebud, Nevada; Grouse Creek, Idaho; and La Choya, Sonora.
Announced plans on 6/13/11 to contract with a drill operator within the next 30 days to immediately commence the next phase of advanced exploration drilling on the Company's Lake Touladi Property iron-titanium (Fe-Ti) deposit in Quebec, Canada.
Based on information supplied by the sellers of the property, drilling that confirmed mineral resource depths at more than 330 meters indicates the Lake Touladi Property represents an inferred resource of 248 Mt, and a production life of 45.9 years. The gross valuation of the Company's estimated iron and titanium dioxide resources is calculated at $72.17 billion while annual potential operating value is projected as being $1.1 billion net.
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