Legend Mining (ASX:LEG) remains focused on its Rockford Project in the Fraser Range district of Western Australia.
Rockford is situated on a similar tenor gravity ridge to the Nova-Bollinger deposit.
News flow coming up includes a combination of regional moving loop electromagnetic surveys and broad spaced aircore drilling.
Update on Jindal
Today Legend has outlined that it had received a request from Jindal Steel and Power (Mauritius) Limited to consider a further deferral of the payment of the final amount of $3 million owing to Legend from the sale of the Cameroon Iron Ore project.
Legend has since been advised by Jindal that it is undergoing a major debt rescheduling with its creditors and Jindal is unable to make any payments to creditors, including Legend, nor finalise any rescheduling of the Legend debt, until its own debt rescheduling is complete.
Legend noted: "As a result, out of the abundance of caution and in light of the fact that Jindal did not pay the $3 million receivable in December 2016 as previously agreed, Legend has decided to provide for the Jindal receivable in full.
"Despite this provision, your directors believe that it is likely that the company will complete an agreement on new payment terms with Jindal in the first half of 2017."