New York, New York-based iron ore mining company Iron Mining Group, Inc. (IMG) filed a Current Report on Form 8-K with the US Securities and Exchange Commission on Monday announcing the closing of a US$3.3 million convertible bridge financing-the proceeds of which will be used to bring its Chilean La Serena Iron Sands Mine into full production allowing the export of iron ore beginning in early 2011.
IMG will also use part of the proceeds to initiate a Joint Ore Reserves Committee (JORC) compliant drilling program aimed to prove out iron ore reserves within its Chilean mining properties.
"Iron Mining Group has spent the majority of 2010 assembling a portfolio of highly attractive iron ore mining projects in Chile," stated Iron Mining Group CEO, Garrett K. Krause. "With this financing and in conjunction with the progress of our regulatory filings in Chile, we are now positioned to begin production in early 2011 and look to export regular monthly shipments of iron ore to our pre-existing Chinese buyers. This marks the first step in a long and exciting process of growth as we establish
ourselves in Chile and additional Latin American markets."