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Buena Vista - USA - Overview

Buena VistaBuena Vista is a magnetite iron deposit that was discovered in 1898, intermittently mined in the 1950s and 1960s and most recently explored by US Steel in the period 1961-1979 as a potential feed for a US based smelting plant. At least 320 diamond holes have been completed over the whole property, together with extensive metallurgical test work and mining studies.

As part of a their studies, US Steel outlined substantial pre-JORC reserves and resources within the West, South Central, Iron Point, Southwest and Section 5 deposits. These deposits within the historic pit designs had a combined waste to ore ratio of less than one.

All of the current JORC resources and reserves at the Buena Vista project are on private land under patented mining claims. This is an important consideration within the United States and allows Nevada Iron to fast track development through accelerated approvals.

In addition, Buena Vista is located approximately 40 kilometres from the Union Pacific rail line that connects to port facilities at Sacramento, Stockton, Richmond and San Francisco.

In January 2010 Nevada Iron entered into an option to purchase a 100% equity in the project and in June 2011 this option was exercised.

Buena VistaThe purchase price of US$6,000,000 was satisfied by the payment of US$3,000,000 in cash and by the issue of fully paid ordinary shares in the capital of Nevada Iron.

 

Nevada Iron LLC ("LLC"), a 100% owned subsidiary of Nevada Iron, now owns 100% of the Project and the vendor (Kircher Mine Development LLC) retains a 20% beneficial and net profits interest (“NPI”).