Salmon River Signs Memorandum of Understanding With Chinese Steel Producer Providing Financing and Off-Take Private Placement for Up to C$1.5 Million Announced

Salmon River Resources Ltd. (TSXV:SAL) announced it has a Memorandum of Understanding with General Steel Holdings Inc. (NYSE:GSI).

As quoted in the press release:

The MOU is intended to lay the groundwork for Salmon River to fund the exercise of its exclusive option to acquire 100% of Treppo Grande Iron Pty Ltd.  and to fund future development costs of the Treppo Grande iron ore project. Under the MOU terms, the GS Group has also committed to fund future capital requirements as well as provide project management and co-ordination services to the Company in return for compensation equal to up to a 51% profit interest in the Treppo Grande Project, on terms to be mutually agreed in the final definitive agreements.

Click here to read the Salmon River Resources Ltd. (TSXV:SAL) press release.