Some key points from LCY AnnouncementKEY POINTS?h LCY has...

Some key points from LCY Announcement

KEY POINTS
?h LCY has announced a maiden Mt Bevan project JORC Inferred Resource estimate, by SKR Consulting, of 617 million tonnes magnetite ore at a grade of 32.1 % using a cut off grade of 15% following completion of phase1,5000m drilling program, assay and DTR (weight recovery) test results.
?h Exploration target of 1.5 ?V 2.0 billion tonnes magnetite grading 30-40% considered to exist within the Western BIF target zone. Potential also exists for definition of shallow detrital and DSO hematite iron ore.
?h Resource covers only 40% of strike with next phase drilling planned for August 2011 to extend the resource north and south and test the area bordering Jupiter Limited??s Mt Mason DSO hematite project.
?h Preliminary Davis Tube Recovery (DTR) tests averaging 45.6% weight recovery and a concentrate grade of 71.4% Fe. With low silica, phosphorus and sulphur.
?h On 24 May 2011 LCY announced an MOU which subject to FIRB and shareholder approval will allow National Mineral Development Corporation Limited (NMDC) to acquire up to 50% of LCY by subscription for new shares at an agreed price. Negotiation of the MOU and an Independent valuation are now proceeding with further shareholder announcements expected early August