MARKET UPDATE ON NMDC TRANSACTION
In its update to the market dated 13 July 2011, Legacy Iron Ore
Limited (Legacy) advised that it had received positive feedback from
representatives of National Mineral Development Corporation Limited
(NMDC) who had conducted a site visit, and Legacy anticipated
receiving a formal proposal from NMDC by 31 July 2011.
Under the terms of the Memorandum of Understanding (MOU) with
NMDC, NMDC will subscribe, subject to all regulatory approvals, for
shares in Legacy at a price based upon an independent valuation of
Legacy's assets.
Following the receipt of outstanding DTR magnetite recoveries (see
announcement dated 20 July 2011), which showed an average iron
concentrate grade of 69.8% and low impurity levels, the board of
Legacy believed it was necessary for the independent experts to
incorporate these outstanding results into that valuation of Legacy.
Legacy is pleased to announce, that by mutual consent, NMDC has
instructed its independent experts to expand their scope of work to
incorporate these outstanding results into their valuation report to be
presented to the board of Legacy.
Legacy Chief Executive Officer, Ms Sharon Heng commented,
although the incorporation of these new DTR results will add an
additional 2-3 weeks to the overall timing, we believe that the high
concentrate grade and low impurity levels justifies the additional wait,
given it is anticipated to increase the underlying valuation.
It is anticipated that the independent valuation will now be completed
during the week commencing 8 August 2011, with the NMDC
approved formal offer to be tabled to the Legacy board by the week
commencing 22 August 2011.
Legacy will provide an update to the market in due course.
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