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IronClad Mining substantial shareholder bumps up stake

IronClad Mining (ASX: IFE) substantial shareholder Trafford Resources (ASX: TRF) has increased its shareholding in the company to 37%.

Trafford Resources upped its shareholding from 36.38% with the purchase of a further 475,000 shares for a consideration of A$285,925.25.

IronClad is well positioned at the moment with its approach towards first iron ore production from its Wilcherry Hill mine in the March quarter.

Work will start later this month on IronClad’s Wilcherry Hill deposits near Kimba on South Australia’s Eyre Peninsula.

The Wilcherry Hill iron ore project – an 80:20 Joint Venture between IronClad and associated company Trafford Resources – will ship direct shipping ore for sale to Chinese steel mills in the second quarter of the 2012 calendar year.

The first two years of production from Stage One of the Wilcherry Hill project has already been sold to the Chinese steel mills under a comprehensive sales contract and marketing agreement.