Cape Lambert Iron Ore Ltd. said it plans to make a 30 percent investment in Marampa Iron Ore Ltd., owner of the exploration stage Marampa iron ore project in Sierra Leone, in a $45 million deal and will issue 44 million shares to make the investment.

    The company said the issue of shares represents about 10 percent of its current total issued capital, and and added it will solely fund the first $25 million toward a definitive feasibility study.

    The company said it has an exclusive option to acquire the outstanding shares in Marampa Iron Ore, which is a wholly-owned subsidiary of African Minerals Ltd.