(MENAFN- ProactiveInvestors - Australia) Nevada Iron (ASX: NVI) has been granted a trading halt by the ASX today and placed in pre-open pending a capital raising announcement.
The company is focused on the development of the Buena Vista Iron Project located in northern Nevada, U.S.
The project demonstrates the attributes for a successful iron ore development, such as a Near surface resource; Low waste to ore ratio (<0.5:1); Easy metallurgy with a coarse grind producing a high grade (67.5-69% Fe) and clean concentrate.
Other beneficial factors include; Access to existing nearby transport infrastructure and no requirement to build a rail line; Access to existing ports; Manageable capital cost; Stable and mining friendly jurisdiction; and No government royalty imposts.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Thursday 14th February 2013.
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