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Iron Road Limited (ASX:IRD) has moved to secure 90 per cent ownership of the Gawler Iron Project in South Australia from Kingsgate Consolidated Limited (ASX:KCN).
Kingsgate Consolidated will receive a final cash payment of $1.15 million for the tenements.
Iron road says it decided to acquire the rights following initial exploration and metallurgical test work which show promise for a small to medium scale iron ore development.
The Gawler Iron Project is located in South Australia, about 200 kilometres southwest of Coober Pedy.
In the first half of the 2012 financial year Kingsgate reported a net profit of $33.9 million.
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