Wilcherry Hill iron ore joint venture participants IronClad Mining and Trafford Resources have signed an agreement with MCCM Capital Management Co. Ltd whereby MCMC can earn a 50% interest in Stage One of the Wilcherry Hill Project in South Australia by spending AUD 35 million. The company will also place a total of 4,400,000 shares to MCMC. MCMC’s funding will be drawn from the capital of a mining fund sourced from Asia Pacific institutional investors and Chinese private steel enterprises. The deal provides for a total of 120 days for MCMC, IFE and TRF to enter into a Stage One Joint Venture Agreement. Stage One of the Wilcherry Hill Project will produce high quality, low containment Direct Shipping Ore which is also the highest value iron ore to steel makers. Ironclad anticipates that Stage One, which is being fast tracked into production by the end of 2010, will deliver up to two million tonnes a year for at least three years of DSO ore.
