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Legacy Chief Executive Officer, Sharon Heng's Comments
"Legacy's Mt Bevan joint venture with Hawthorn Resources Limited is shaping up to be one of Australia's premier magnetite resources.
It combines a potentially very large magnetite resource with low strip ratios and excellent metallurgy, in a location close to road, rail and an existing deep water port.
Mt Bevan is attracting several overseas companies for potential investment in the Company.
The Indian Government's wholly-owned public enterprise, the National Mineral Development Corporation (NMDC), subject to all necessary approvals, could acquire up to a 50% stake in Legacy.
This strategic alliance will not only enable Legacy to fund and unlock value on all existing projects but to acquire and develop more advanced projects as well, with the financial backing from NMDC, should it come onboard as Legacy's largest shareholder."