Trafford Resources well funded and ready to pursue iron ore in South Australia after selling the company's remaining 5.3 million shares in Robust Resources at AUD 1.40, raising around AUD 7.4 million in cash.

Prior to the sell off, Trafford was Robust’s third largest shareholder with 5.89%.

The impact from the sale for Trafford is that the company is now well funded to increase overall exploration activity, in co-ordination with the Wilcherry Hill Iron Ore Project, operated in South Australia by Trafford’s Joint Venture partner, IronClad Mining.

IronClad is currently on target to commence maiden production in the March 2012 quarter and importantly earlier in the month the company announced that all key infrastructure and mining contracts for Australia’s newest iron ore mine have been finalised.

Trafford said in addition to Wilcherry Hill, the company will continue to investigate joint venture opportunities both domestically and internationally.

(Sourced from Proactive Investors)