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Legacy Iron Ore and NMDC in further talks

Legacy Iron Ore's (ASX: LCY) soon to be approved substantial shareholder, National Mineral Development Corporation Ltd (NMDC) is in Perth to oversee the Indian government's investment in Legacy.

NMDC chairman Rana Som is believed to be meeting with Legacy Iron Ore according to media reports.

In addition, media reports have speculated that NMDC was also meeting with Atlas Iron (ASX: AGO) over a possible investment or joint venture to develop one of Atlas's magnetite projects in the Pilbara in Western Australia.

This could be structured through NMDC's investment in Legacy Iron Ore.

NMDC and Legacy have previously advised they are looking to acquire and develop additional resource projects to be structured through the investment in Legacy.

SRK Consulting has been engaged to calculate a significantly increased inferred JORC resource at Mt Bevan by mid-January 2012.

Mt Bevan is a joint venture between Legacy and Hawthorn Resources (ASX:HAW) whereby Legacy is earning a 60% interest in the project by expending a minimum of $3.5 on exploration.

Legacy and Hawthorn are working towards the ongoing development of Mt Bevan and are exploring the best possibilities to achieve increased value for its shareholders.