July 10, 2012 (Investorideas.com Mining stocks newswire) - On June 28, 2012, Century Iron held an analyst site visit. During the visit, analysts toured two projects: Joyce Lake (the Attikamagen property) and Rainy Lake (the Sunny Lake property).
SUMMARY OF CORPORATE STRATEGY
Century Iron's current strategy is to develop the DSO (Direct Shipping Ore) projects first (Joyce Lake, Lac Le Fer and Schefferville West), bring them into production starting from 2015, and use the proceeds to develop lower grade and more capital intensive BIF (Banded Iron Formation) projects.
According to management, DSO targets have up to 7Mt each @ 60%+ Fe and thus would be mined for 3-4 years. Lower grade material would be stockpiled at first and processed afterwards. The Company estimates that DSO targets have up to 50Mt of lower grade (around 50%) material each.
The Company expects an updated NI 43-101 resource estimate for Duncan Lake by October 2012, while Full Moon, Joyce Lake and Lac Le Fer should obtain resource estimates in late 2012 - 2013. Duncan Lake, Joyce Lake and Lac Le Fer should obtain PEAs in late 2012 - 2013.
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