Gindalbie can't explain share price surge

Junior iron ore miner responds to price query, not aware of reason for the rise.

Gindalbie Metals (GBG) says it does not know why its shares have surged in today's trade, in response to a query from the ASX.

At 2.41pm (AEST), Gindalbie shares were 12.9% higher at 7c, against a benchmark index lift of 0.54%. In earlier trade, Gindalbie shares reached 7.5c.

The ASX noted that the junior iron ore miner's shares had risen after closing at 5.6c on June 4. 

Gindalbie confirmed it was in compliance with its continuous disclosure obligations and said it was not aware of any information that could explain the rise in its share price.

Overnight, the iron ore price edged down to $US94.30, from $US94.60 in the previous session, but off the low of $US91.80 last week.

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