Legend Mining is now concentrating all of its efforts on advancing the Ngovayang Iron Ore Project in Cameroon with the completion of the sale of its Pilbara Project tenements to Artemis Resources. The deal netted the company a 12.5% shareholding in Artemis following the issue of 60 million shares to Legend.

Artemis also reimbursed Legend for expenses incurred in relation to the tenements and the transaction.

Mr Mark Wilson MD of Legend Mining, commented on the positive outcome said that “The sale of the Pilbara Project is the last of the Australian assets held by Legend and now enables us to fully focus on the Ngovayang Iron Ore Project in Cameroon.”

Demonstrating the strength of the 2,900 square kilometre Ngovayang project, earlier this year Legend secured South Korean steel giant POSCO as a joint venture partner.

POSCO is the third largest producer of steel in the world, and has interests in engineering and construction, power generation and natural resource development around the world.

One of the major drawcards for POSCO was Ngovoyang’s proximity to infrastructure, including road, rail, port and airports.

Ngovoyang is located halfway between the major cities of Douala and Yaounde, which are connected by a sealed road and a rail line. Both cities host international airports, and Douala is home to a port.

The project is also supported by a rail and port access deal struck in 2011 with fellow Cameroon-focused Australian iron ore company Sundance Resources.

Legend has completed a phase 1 drilling program with multi target potential identified.

Source - Proactive Investors

(www.steelguru.com)