www.unuudur.com » FeOre aims for first rail haulage of Mongolian iron ore within two years

FeOre aims for first rail haulage of Mongolian iron ore within two years

[Нийтэлсэн: 21:48 27.12.2011 ]

www.steelguru.com

FeOre, a Mongolia focused iron ore explorer, has been admitted to the ASX following a successful initial public offer of up to AUD 140 million shares at AUD 0.25 to raise up to AUD 35 million.

FeOre will use the funds raised from the IPO for exploration and development of the 108.7 million tonne Ereeny iron ore project, located 60 kilometres from the major trans Mongolian railway line between Russia and China.

The Ereeny Project covers approximately 3.26 square kilometres and extends to depths of over 400 metres. It has an Indicated JORC Resource of 57.3 million tonnes and an Inferred JORC Resource of 51.4 million tonnes.

The company is targeting the first rail haulage of iron ore from the project for sale within 24 months of its listing on the ASX. Importantly, FeOre is in an ideal position to meet its goal having entered into a 10 year offtake agreement and a 10 year logistics agreement with China Railway Group subsidiary CRMI.

Through these two agreements CRMI has agreed to both transport and purchase FeOre’s iron ore product.



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