Mining Stock News; Century Iron Mines Corporation (TSX: FER) Formation of Sunny Lake Joint Venture
Category: Investment, Gold, Mining
Visit this company: Century Iron Mines Corporation
November 30, 2012 (Investorideas.com Mining stocks newswire) - eResearch Corp Reports: reports Century Iron Mines Corporation (TSX: FER) and its strategic partner WISCO International Resources Development & Investment Limited (WISCO International) have completed the formation of their joint venture for Century Iron’s Sunny Lake iron property in the Schefferville area of Quebec (Labrador Trough region). Sunny Lake includes two groups of claims: Lac Le Fer and Rainy Lake.
The completion of the Sunny Lake JV followed the earlier joint-venture agreement between Century Iron, Century Iron’s subsidiary 0849873 B.C. Limited, WISCO International, and WISCO Canada Sunny Lake Resources Development & Investment Limited (referred to as WISCO Sunny Lake).
The JV agreement provides that WISCO Sunny Lake will make an aggregate investment valued at $40 million into the Sunny Lake project, including reimbursement of Century Iron for certain exploration expenditures incurred on the project to date, and the funding of new exploration expenses.
WISCO Sunny Lake will fund new exploration expenses for Sunny Lake until the aggregate of its reimbursement of Century Iron and new exploration expenses funded is valued at $40 million. At that point, Century Iron will own 60% of the JV, and WISCO Sunny Lake will own 40%; from then on, Century Iron and WISCO Sunny Lake will each fund their pro-rata share of exploration expenses in accordance with their ownership interests.
Century Iron and WISCO Sunny Lake have formed a management committee for the JV. This committee will oversee the exploration and development of the project. Operations will be carried out by WISCO Sunny Lake Iron Mines Ltd., the operator company incorporated for this purpose.
To Read Complete Research Report from eResearch Corp (www.eresearch.ca): Century Iron Mines Corporation (TSX: FER)
This news is published on the Investorideas.com Newswire and its syndicated partner network
Get free news alerts:
Sign up here
Published at the Investorideas.com Newswire - Big ideas for Global Investors
Disclaimer/ Disclosure:The Investorideas.com newswire is a third party publisher of news as well as creates original content as a news source. Original content created by investor ideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news and global syndication partners. Our site does not make recommendations for purchases or sale of stocks 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 by featured companies, news submissions and advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers.
BC Residents and Investor Disclaimer: 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: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.