They have the right to acquire 100% of a prospective iron ore project in Brazil being the Rio Pardo Iron Ore Project located in the North Minas Gerais State, Brazil.
This is the bit from the company presentation that has caught my eye.
'The acquisition provides an exciting opportunity for the Company to acquire an excellent project within a developing world class iron ore province. Proximity to shared infrastructure, which is under construction, will allow the Project to develop quickly at a lower capital cost than competitors with large infrastructure requirements. A program is planned to quickly define a JORC compliant resource and quickly determine the size and scope of the Rio Pardo Iron Ore Project.'
They have paid $1m and have $3m in the bank. They need to pay $55m over five years for the project.
I will await drill results/JORC with interest.
LEF Price at posting:
9.2¢ Sentiment: LT Buy Disclosure: Not Held
