Nevada Iron Ltd. - Sale of Used Rod Mills
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WEST PERTH, Western Australia, April 4, 2014 /CNW/ - Nevada Iron Ltd (the Company) is pleased to announce that following an extended sales programme it has today completed the sale of three used Nordberg rod mills that are excess to requirements, for a total consideration of US$850,000.
The mills were purchased by previous management in October 2011 and have remained in storage in Arizona since that time.
The current Board of Nevada Iron Limited has determined that given the increase in scale of the Buena Vista Iron Project the mills were superfluous to the Company's needs and in August 2012 initiated a worldwide sales programme.
As at 30 June 2013, the carrying value of the mills in the financial statements of the Company was written down to zero.
SOURCE Nevada Iron LtdFor further information: Level 2, 85-91 Havelock Street, West Perth WA 6005 | PO Box 315 West Perth WA 6872 Tel: +61 8 9481 2006 Fax: +61 8 9481 0052; www.nv-iron.com