This concludes phase two of Petmin’s investment under a joint venture (JV) agreement with mineral exploration firm Hummingbird Resources, announced on 25 January 2011.
The investment takes Petmin’s total investment in Iron Bird to $2m, and under the terms of the JV agreement, Hummingbird and Petmin each hold 50% in Iron Bird.
Both parties now have the option to contribute equally to any further funding required.
According to the companies, this investment means that Iron Bird is fully funded for the next stage of work, which focuses on geological mapping, trenching, drilling and metallurgical test work.
This work program is focused on obtaining representative samples of the ore body to confirm the earlier grab samples which ranged from 33%-54% Mag Fe and to demonstrate that the ore body is both extractable and economic.
