January 25, 2012 / 3:28 PM / in 6 years

UPDATE 1-Kilo Goldmine finds high grade iron ore in Congo

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Jan 25 (Reuters) - Canadian junior miner Kilo Goldmines Ltd said it found high-grade iron ore at the Asonga Prospect in the Republic of Congo, sending its shares up 14 percent.

The company said Rio Tinto, its joint venture partner for Asonga, drilled five holes in the mine and found 73.5 meters of iron ore containing 66.6 percent iron.

Kilo said the drill results indicated the area may contain direct shipping iron ore -- a high-grade ore variety that requires less processing and is therefore cheaper to mine.

Shares of Kilo, which owns 75 percent of the Asonga Prospect, were trading up 14 percent at 21 Canadian cents on Wednesday morning on the Toronto Venture Exchange. (Reporting by Arnav Das Sharma in Bangalore; Editing by Sreejiraj Eluvangal)

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