On December 1, Australia-based mineral exploration company Legacy Iron Ore Limited announced that it has funded to continue aggressive drilling programs at its Mt Bevan iron ore project located approximately 100 km west of the Leonora township in the central Yilgarn region of Western Australia, where the company is eyeing an upgrade to an inferred JORC resource of 617 million mt at 32.1 percent.
According to the company statement, two funds separately managed by the founders of SpringTree Global Investors, LLC, the New York investment firm, have agreed to provide $500,000 each in funding for a total of $1,000,000, which will be settled this week.