Legacy Iron Ore has indicated that National Mineral Development Corporation Limited has finished due diligence work and anticipates receiving a formal offer by NMDC to be tabled during the week commencing 22 August 2011.
This follows an earlier announcement on 29 July 2011, where NMDC agreed to expand their scope of work to incorporate the outstanding Davis Tube Recovery results into their valuation, the full review of the information has concluded.
Legacy has provided relevant information (exploration, legal and financial) sought by the various independent experts who are conducting due diligence on behalf of NMDC.
This information and various recommendations by the independent experts, has now been presented to the NMDC board for their review in determining an offer to table to the Legacy Board for its consideration.
Legacy Iron Ore is a Perth based Australian exploration company, established to search for iron ore and gold deposits. The flagship project is Mt Bevan Iron Ore project located approximately 100 kilometres west of Leonora in the central Yilgarn region.
Mt Bevan is a joint venture between Legacy and Hawthorn Resources whereby Legacy will earn a 60% interest in the project by expending a minimum of AUD 3.5 million to develop the project to a pre feasibility status.