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.
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