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HIGHLIGHTS
EXPLORATION
- Focus on Mt Bevan Iron Ore Project.
- First phase RC drilling completed.
- Maiden JORC compliant Inferred Resource of 617 Mt at 32.1% Fe - covers only 40% of strike of first iron ore target.
- Overall Exploration Target for magnetite revised to 1.5- 2.0 Bt grading 30% - 40% Fe* for southern part of Western BIF target alone.
- Excellent results from comprehensive laboratory testing.
- Average weight recovery of 44.63% and iron concentrate grade averaging 69.8%.
- Very low silica content averaging 3.3%, with very low levels of sulphur and phosphorus.
- Coarse grind still yields low silica concentrate.
- High concentrate purity indicates potential for project to deliver BF (Blast Furnace) or DR (Direct Reduction) grade pellets.
- Next phase drilling planned for August 2011 to extend resource over whole extent of the southern part of the Western BIF.
CORPORATE
- Signs Memorandum of Understanding (MOU) with National Mineral Development Corporation Ltd (NMDC) for cornerstone investment, subject to regulatory approvals.
- NMDC and Legacy look to acquire and develop additional resource projects.
- Ongoing review of potential acquisition and corporate opportunities.