Sherwin Iron lands $8 million funding for Roper River iron ore project, Northern Territory
Sherwin Iron (ASX:SHD)
has established a $7.997 million loan facility to fund the continued
development of its Roper River iron ore tenements in the Northern
The funds will be available upon Sherwin satisfying the conditions precedent contained in the loan documentation, and is repayable by 31 December 2015.
Throughout this period, Sherwin will continue to generate cash flow from its iron ore mining operations.
The Roper River Iron Ore project lies 475 kilometres southeast of Darwin and occupies a dominant position in the Roper River area, and boasts a current inferred and indicated resource estimate of 100 million tonnes at 48% iron.
In October, Sherwin loading a maiden ore shipment of 73,000 tonnes at Darwin Port, marking a major milestone after commencing exploration at Roper River in 2010.
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