Legacy Iron Ore Limited

An NMDC Group Company

ASX Announcement

23 January 2012

About Legacy Iron Ore

Legacy Iron Ore Limited ("Legacy" or the "Company") is a Western Australian based Exploration Company, focused on iron ore and gold exploration and discovery.
Legacy's mission is to increase shareholder wealth through capital growth, created via the discovery, development and operation of profitable mining assets.
The Company was listed on the Australian Securities Exchange on 8 July 2008. Since then, Legacy has had a number of iron ore, manganese and gold discoveries which are now undergoing drilling and resource definition.

Board and Management Sharon Heng, Executive Director & Managing Director Subimal Bose, Non-Executive Director Narendra Kumar Nanda, Non-Executive

Director

Swaminathan Thiagarajan, Non- Executive

Director

Tao Han, Non-Executive Director John Hebenton Chief Executive Officer Capt. S P Singh, Chief Operating Officer Ben Donovan, Company Secretary Key Projects

Mt Bevan Iron Ore Project
Hamersley Iron Ore Project
Robertson Range Iron Ore and Manganese
Project
South Laverton Gold Project
East Kimberley Gold, Base Metals and REE Project

Enquiries

Sharon Heng Managing Director Phone: +61 8 9421 2005

ASX Codes: LCY, LCYOA, LCYOB

LEVEL 5, CITIBANK HOUSE
37 ST GEORGES TERRACE PERTH WA 6000
PO BOX 5768
ST GEORGES TERRACE WA 6831
Phone: +61 8 9421 2005
Fax: +61 8 9421 2001
Email: info@legacyiron.com.au
Web: www.legacyiron.com.au

The Company Announcements Office

ASX Limited

Via E Lodgement Legacy and Hawthorn review Term Sheet

Legacy Iron Ore Limited ("Legacy") notes the announcement made this morning by Hawthorn Resources Limited ("Hawthorn") regarding the term sheet announced on 21 December 2011, whereby Legacy proposed to invest $5m to acquire up to 60% of the issued capital in Hawthorn in return for the cancellation of the Joint Venture Agreement on the Mount Bevan iron ore project ("Term Sheet").

Legacy wishes to confirm that they are in discussions with Hawthorn on alternative transaction methods with a view to establishing a new term sheet with renegotiated terms.

Legacy advises that it has terminated the current Term Sheet announced on 21 December 2011, and that Legacy will continue under the Joint Venture Agreement whereby Legacy will earn a 60% interest in the Mount Bevan iron ore project via spending $3.5m.

The Joint Venture will continue unaffected.

Legacy will provide an update to the market in due course.

Yours faithfully,

LEGACY IRON ORE LIMITED Sharon Heng

Managing Director

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Documents associés
Legacy and Hawthorn to Renegotiate Term Sheet