Laconia Resources Limited announced that it has entered into a JV agreement with Chinese syndicate, Sinoz Mining Investment Group, for the exploration and development of the Mooletar Iron Ore Project in Western Australia.

Under the JV agreement, Sinoz will invest AUD 7.5 million within 24 months, over three stages to deliver a JORC Code Indicated Resource and Mining Licence at the project. The Mooletar project currently has defined an Exploration Target of 216 to 264 million tonnes of iron ore.

(Sourced from www.abnnewswire.net)