Ann: Legacy Joint Venture to Develop Mt Bevan Iro, page-44

re: Ann: Legacy Joint Venture to Develop Mt B... Hey guys, I emailed LCY again regarding this HAW announcement. I basically asked why they went for this project since it appears to have no real synergy or obvious benefits to their other projects. I also said I did find it strange that they would take on yet another project when they don't have any projects truly up and running yet.

Here's the reply I received:

"Dear XXXXXX

Thank you for your continued interest in Legacy. Basically, we are pursuing an interest in the Mt Bevan Iron Ore Project because of the potential of this project to hold an economic resource of sufficient size, grade and potential profitability to be of significance to Legacy and all its stakeholders.

We have, for some time been appraising this much sort after asset of HAW?s Mt Bevan project, with a view to add to our own Hamersley and Robertson Range projects. Mt Bevan borders Jupiter?s Mt Mason and Mt Ida, both of which are very well documented to date.

We are currently undertaking Due Diligence to understand more detail about the assets and will inform the market of our findings as soon as they come to hand. Legacy is dedicated to pursuing ventures that drive shareholder value in our company and we believe this can be achieved by the aggregation of valuable and attractive assets such as Mt Bevan.

I trust this answers your question and as we know more we will inform the market.

Thank you for your continued interest and support.

Best regards,

Tony Arrigo"

I've since replied since he did neglect part of my original email regarding capital raising and major dilution.

The answer above to me is fairly simple and doesn't give a huge amount away. I do hope zmans is right and they have some deals being worked on behind the scenes or this is definitely going to be on track for more capital raising soon and with a lot of projects going the cash burn will be picking up. Still I guess that's better then waiting for projects to start the only way to add value is to find out what exactly we are sitting on.