Petmin invest an additional US$1.5m
Published on 11 Jul, 2011
Hummingbird and Petmin are pleased to announce that Petmin has invested a further US$1.5m in Iron Bird Resources Inc (“Iron Bird”) the sole owner of the Mt Ginka iron ore exploration licence in northern Liberia.
This concludes phase two of Petmin’s investment under the joint venture agreement with Hummingbird, announced on 25 January 2011 (“Joint Venture Agreement”).
The investment takes Petmin’s total investment in Iron Bird to US$2m, and under the terms of the Joint Venture Agreement, Hummingbird and Petmin each hold 50% in Iron Bird. Both parties now have the option to contribute equally to any further funding required.
This investment means that Iron Bird is fully funded for the next stage of work, which focuses on geological mapping, trenching, drilling and metallurgical test work. This work program is focused on obtaining representative samples of the ore body to confirm the earlier grab samples which ranged from 33%-54% Mag Fe and to demonstrate that the ore body is both extractable and economic. Future drilling will give an indication of the size of the deposit.
Read full story at londonstockexchange.com
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