West Peak Iron has raised USD 490,000 which will fund the completion of a detailed geophysical survey on the company’s Liberian iron ore licenses. The money was raised through the issue of 3.5 million shares at USD 0.14 including a free one for 2 unlisted Company Option exercisable at USD 0.20 on or before June 30th 2013.

The Company Options are subject to shareholder approval which will be sought at the upcoming Annual General Meeting. West Peak, which listed on the Australian Securities Exchange in October 2010 has a focus on iron ore exploration with tenements in Western Australia and Liberia.

The company has 5 licenses in Liberia, a historic iron ore producing province that also hosts Sesa Goa’s Bomi Hills JV with 50 million tonnes at 68% iron and China Union’s Bong Range with 1 billion tonnes at 35% iron.

West Peak’s licenses cover a total of 1,007 square kilometers in the Grand Bassa, Bomi, Bong and River Cess counties, close to infrastructure both existing and in the process of being upgraded, including rail, road and port.

All of West Peak’s Liberian licenses contain identified iron-bearing formations and a maiden field trip at the licenses identified iron enrichment with rock chip grades up to 64.6% iron demonstrating the potential for direct shipping ore iron mineralization.

Contractors are due begin flying a detailed aeromagnetic survey on the Liberian iron ore licenses in late November, pending final statutory approvals and following the Liberian elections.

(Sourced from www.proactiveinvestors.com.au)