Cleveland Mining to Acquire 80% of 3 Iron Ore Projects in Brazil

Cleveland Mining Company Ltd. (ASX:CDG) has earned rights to acquire 80 percent of three iron ore exploration projects in Brazil. The ASX-listed company signed an MOU with BC Iron Ltd. (ASX:BCI) for acquiring the properties in the Brazilian states of Salvador de Bahia and Mina Gerais, through staged earn-ins.

As quoted in the press release:

The Alliance has investigated more than 50 South American iron ore projects, ranging from exploration stage to producing mines. The three projects under the MOU were selected for further work based on outcropping iron mineralization, geology, geophysical signatures, community attitudes to mining and options for port and rail logistics. 

Click here to read the full Cleveland Mining (ASX:CDG) press release