30th Jul 2014 10:37
LONDON (Alliance News) - Ferrum Crescent Ltd said Wednesday that it was continuing discussions with Anvwar Asia Investment and pursuing other investment funding options, as it continued to prepare for its bankable feasibility study for its Moonlight Project in Limpopo in the quarter to end-June.
The iron ore developer said that Anvwar Asian Investment had failed to make its second USD500,000 payment, which was due April 30, and remains in breach of contract.
Whilst the commencement of the bankable feasibility study for the project remains on hold, it has continued planning for the study work programme. The Moonlight project was valued within a range between USD24.8 million and USD41.3 million by The Mineral Corp during the period.
Shares in Ferrum were trading down 7.5% at 1.41 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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