Ferrum Crescent receives funding for South African iron project

28th Mar 2014 16:15

AIM-listed metal explorer Ferrum Crescent on Friday received the first tranche of funding from an investor for an iron ore project in South Africa.The payment, which totalled $500,000, follows Anvwar Asian Investment's agreement to vest at 35% interest in the subsidiary company holding the Moonlight assets for a total of £10m. The next payment is due by the end of April. Ferrum said it would use the funds to progress a feasibility study at the Moonlight magnetite iron ore project.Ferrum Crescent Managing Director, Tom Revy, said: "As funds are being secured for the company through the AAI agreement, we are simultaneously planning the next stage of the Moonlight bankable feasibility study. I look forward to updating the market shortly on the project and forward work."NR