big ideas for global investors Search
   Members       Sign-up       Newsfeeds        Companies        Stock Directories       Research       Video       Funding   

Mining Stock News: Century Iron Mines Corporation (TSX: FER) DUNCAN LAKE UPDATED RESOURCE ESTIMATE

Category: Investment, Gold, Mining

Visit this company: Century Iron Mines Corporation

August 30, 2012 ( Mining stocks newswire) eResearch Corp Reports: Century Iron Mines Corporation (TSX: FER) has announced the completion of an updated NI 43-101 compliant resource estimate for its Duncan Lake iron project in Quebec (joint-venture partner Augyva Mining Resources Inc.).

The new estimate has defined 1.05 billion tonnes of Measured and Indicated resources at a grade of 24.4% Fe, compared with the 2010 estimate of 31.3 million tonnes at 23.7% Fe. Inferred resources are 563 million tonnes at 24.7% Fe compared with the earlier 821 million tonnes at 24.6% Fe. A preliminary economic assessment (PEA) for Duncan Lake is underway, with completion expected around year-end.


Century Iron has interests in four iron ore projects in Canada (see the table below). The Duncan Lake project (1,613 Mt in total NI 43-101 estimated resources, grading 24%-25% Fe) is located in western Quebec, while three others (with no resource estimates to date) are located in the Labrador Trough region of Quebec/Newfoundland and Labrador. The Company owns the biggest collection of iron ore claims in Canada by area.

The Company has two strategic Chinese shareholders: WISCO (25%) and Minmetals (5%), which have off-take agreements for 70% of future production. Century Iron has around $60 million in cash, earmarked for exploration and acquisitions.

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.

To Read Complete Research Report from eResearch Corp ( Century Iron Mines Corporation (TSX: FER)

More Info: Newswire

This news is published on the Newswire - a global digital news source for investors and business leaders

Disclaimer/Disclosure: is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info:

Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: Global investors must adhere to regulations of each country.

Questrade Democratic Pricing - 1 cent per share, $4.95 min / $9.95 max

Join Investor Ideas Members to access the Renewable Energy stocks directory, water stocks, biotech stocks, defense stocks directories and the Insiders Corner


Investor Ideas © 2000 - 2015®, ECON


login | logout | about us | contact | disclaimer / disclosure |
partners / links | job search | privacy policy |
advertise | trade | sitemap |