Eastern Iron (ASX: EFE) has received $690,574 from the partial refund of eligible expenditure from the Australian Government’s Research and Development Tax Incentive Program.
Together with the $150,000 it received from the sale of its central western New South Wales iron pisolite exploration licences, the company will put the funds towards the program of work for the Nowa Nowa iron ore project in Victoria.
This includes the Feasibility Study that is scheduled for completion by the end of this year.
Eastern Iron also expects to receive a further $300,000 from the Victorian Government as a grant towards completion of studies relating to the provision of infrastructure for the Nowa Nowa project.
These funds are payable on completion of the feasibility study and the company expects that these will be paid in the March quarter 2014.
Nowa Nowa is located 250 kilometres east of Melbourne close to the Princes Highway, which provides access to several nearby towns and to the export facility.
It has a Resource of 9.6 million tonnes at 50% iron at the File Mile deposit.
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