(MENAFN- ProactiveInvestors - Australia) Legacy Iron Ore (ASX: LCY) has updated the market on news released to the Indian press regarding the appointment of C.S. Verma as interim chairman cum managing director of NMDC.
Verma, currently chairman cum managing director of the Steel Authority of India, will also hold the position of chairman cum managing director of NMDC.
The Steel Authority of India is the country's leading integrated steel making company which operates a number of mines and integrated iron and steel plants.
Legacy advised that the current director (technical) of NMDC, N.K. Nanda, will no longer also hold the position of chairman cum managing director.
Legacy said it was aware the changes were occurring and continues to operate as usual.
The company has ongoing and regular interactions with the NMDC nominated Legacy board members on the development of all of the company's current assets and in the evaluation of additional resource projects.
Legacy is advancing towards a confidence category upgrade for the current Inferred Resource of 1.6 billion tonnes at 30.2% iron (25% iron cut-off grade) at Mt Bevan.
Phase 3 of the resource definition drilling program is around 30% complete, consisting of essentially infill drilling designed to convert a substantial proportion of the Inferred Resource to Indicated status.
Drilling, which comprises 7,700 metres, is targeting a central 2 kilometre strike length of the 10 kilometre long magnetite resource at the Western banded iron formation target.
Exploration at Mt Bevan has delivered solid results, the last phase of drilling returning an approximate 300% increase in the JORC Resource.
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