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.
