Century Iron Mines JV consolidates interest in Labrador iron-ore project
TORONTO (miningweekly.com) – A joint venture (JV) between TSX-listed Century Iron Mines and Chinese steelmaker Wisco International, Labec Century Iron Ore, on Wednesday consolidated its ownership of the Attikamagen Lake project in Newfoundland.
Century said it had received $1.02-million for issuing two-million common shares and a million purchase warrants.
Under the terms of the deal, Champion Iron Mines returned $786 506 to Labec Century, which is the JV operating company for Attikamagen, representing funds it received while it was the operator of the exploration project.
Century said the project was now completely owned by Labec Century, a JV between Wisco and Century. Century held a 60% stake in the venture, and the Chinese company held the rest.
Registrations of the title transfers to Labec Century in the provinces of Quebec, and Newfoundland and Labrador had also been completed, Century said in a statement.
"The funds received upon completion of the transaction strengthen the cash positions of Century and Labec Century for their respective operations, a welcomed additional resource under current market conditions,” Century president and CEO Sandy Chim said.
Century on Tuesday reported positive drilling results from the Phase 2 programme completed last year at its Joyce Lake direct shipping ore property, the most advanced asset at the Attikamagen project.
The data from Phase 1 and 2 programmes would be used to update the mineral resource estimate by the end of the current quarter.
Century revealed that the Phase 2 drilling results confirmed the continuity of the mineralised lenses within the pit defined in the May 2013 preliminary economic assessment (PEA), with some intersections thicker and containing higher grades than the surrounding holes. These results also confirmed the extension of a lower mineralised lens outside the PEA pit, with several high-grade intercepts.
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