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IGL to buy Cape Lambert

International Goldfields has signed a conditional agreement to acquire the Cape Lambert iron ore project by purchasing the company with applications in the region, Mt Anketell, for $20 million. IGL said recent independent analysis of the tenement confirmed a total JORC compliant minerals resource at the project of 2.5 billion tonnes. Under the agreement, IGL will pay Mt Anketell’s shareholders the purchase price in addition to 100 million IGL options. The project comprises two exploration licences and the property is crossed by the North West Coastal Highway, gas pipeline, power transmission line and railway, and is 10 kilometres from a suitable shipping port.

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