October 18, 2012 (Investorideas.com Mining stocks newswire) - eResearch Corp Reports: Century Iron Mines Corporation (TSX: FER) has increased its interest in the Duncan Lake iron project in western Quebec from 51% to 65%, having expended a further (and final) $14 million on the project, under an option and joint-venture agreement with Augyva Mining Resources Inc.
Century Iron has notified Augyva, and confirmation of the completion of the $14 million earn-in is subject to customary financial review by Augyva.
The Company has a joint-venture agreement with strategic partner WISCO International Resources Development and Investment Limited (WISCO), whereby WISCO has a 40% JV interest in Century Iron's interest in Duncan Lake.
Century Iron has interests in four iron ore projects in Canada. 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 are located in the Labrador Trough region of Quebec/Newfoundland & 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. In addition to the $20 million Attikamagen injection, Century Iron has about $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.
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