Legacy Iron achieves 60 percent interest in Mt Bevan iron ore project

Australia-based miner Legacy Iron Ore Limited has announced that it has achieved a 60 percent interest in Mt Bevan iron ore project, a joint venture with the Australian mineral exploration company Hawthorn Resources, after completing A$3.5 million exploration expenditure.
 
The joint venture agreement with Hawthorn dated October 4, 2010 required Legacy Iron to spend at least A$3.5 million in exploration expenditure, on or before October 3, 2012, in order to earn a 60 percent interest in the project. 
 
Legacy Iron stated that the exploration and development of the project will continue to be funded by both Legacy and Hawthorn.