The Nowa Nowa Iron Project is 100% owned by Eastern Iron and is located in eastern Victoria, approximately 50km east of Bairnsdale.
The lease has been granted to Gippsland Iron Pty Ltd, a wholly owned subsidiary of Eastern Iron. The area covered by the Mining Licence is approximately 484Ha.
The company is investigating the potential to mine high-grade iron ore from several magnetite and hematite deposits situated north of the village of Nowa Nowa and close to the Princes Highway.
Eastern Iron intends to extract the iron ore from the Five Mile deposit at Nowa Nowa using open pit mining techniques, carry out simple dry low intensity magnetic separation processing on site and transport the product to a port south of Eden in southern NSW.
Eastern Iron’s Managing Director, Greg De Ross, commented. “…the grant of the mining licence is an important milestone towards developing the Nowa Nowa Iron Project. Since acquiring the project in early 2012, the Company has been pursuing a fast-track evaluation program leading to the expected completion of the Definitive Feasibility Study by the middle of this year. This is a remarkably short timeframe and underlines the Company’s determination to progress this project.”