IronClad gets cash boost to support maiden iron ore production at Wilcherry Hill

IronClad Mining is set to receive $840,000 towards the progressing of the definition circular elliptical linear motion vibrating screenWilcherry Hill Iron Ore Project from major shareholder and joint venture partner Trafford Resources by the end of the month.

Trafford plans to exercise all of the IronClad options held, about 1.12 million, at $0.75 each, by the expiry date on March 30, 2012. Funds from the exercise of options will be put towards advancing the Wilcherry Hill project, in which Trafford Resources is a joint venture partner with a 20% interest. The first stage of production at Wilcherry Hill is on target to commence in the current quarter, with the inaugural exports to be achieved in the June quarter this year. Earlier this month, IronClad began a 2,000 metre grade control drilling program at Wilcherry Hill, focused on the Weednanna deposit where mining will begin. The program is targeting near....