Ferrowest Limited (ASX:FWL) has granted Padbury Mining (ASX:PDY) a 60 day option to acquire the Yogi Mine Project tenements in Western Australia’s Mid-West region for $750,000.
The decision to offer the project to Padbury is due to the challenge of progressing the project during a sustained downturn in the iron ore market.
If the Yogi Mine Project is sold, the company will seek new mineral project opportunities, while it continues exploration of its other existing mineral projects.
The Yogi magnetite mineralisation consists of a 30 kilometre long strike of magnetite banded iron formation trending north-south, 14 kilometres due east of Yalgoo.
