what about this one guys and girls?
courtesy of minweb
PERTH -
17th march 2008
Leading Norwegian commodity trader and metals house Tinfos has taken a 14% stake in Perth-based manganese explorer Spitfire Resources Ltd (ASX: SPI) and has indicated it will consider technical assistance and funding for the company.
Tinfos accepted a placement of 8.65 million shares at A20 cents/share (US18.7 ¢/share) to raise $A1.73 million ($US1.62 million).
One of the company's major properties is South Woodie Woodie, near the ConsMin Woodie Woodie mine in the East Pilbara.
Spitfire's Managing Director James Hamilton said Tinfos--as a key player in the global manganese business--was a strategic partner who would help the company with its manganese ambitions.
Hamilton, a former senior mining journalist, said: ""Tinfos also understands and is supportive of Spitfire's secondary corporate goal, which is to bring in other assets to the company - even if they are non-manganese related."
"With the global manganese market continuing to strengthen on the back of strong demand from the steel industry and tightening high-grade ore supply, Spitfire is now ideally placed to capitalise given the support and knowledge of Tinfos," he added.
Spitfire listed on the ASX in December 2007 after raising $A6 million ($US5.6M). AIM-listed Churchill Mining plc is Spitfire's largest shareholder, with a 41% interest (at IPO) which it received as vendor consideration for the divestment to Spitfire of its asset, an 80% interest in South Woodie Woodie.
Spitfire will start drilling as soon as the northern wet season abates and its logistical arrangements for the 2008 field season are in place.