Century Iron Mines Corp. (TSX:FER) provided an initial mineral resource statement for its Quebec-based Hayot Lake iron deposit, commenting that contains an inferred 1.723 billion tonnes grading an average of 31.25 percent total iron at a 20 percent cut-off grade.
Sandy Chim, Century Iron’s president and CEO, commented:
Only 18.5 km from Schefferville; the Hayot Lake Iron Deposit is well located in the Labrador Trough iron ore mining camp. Schefferville is where the existing operating rail infrastructure begins connecting to the Port of Sept Iles, where the Port Authority and a number of miners are expanding the capacity of the port by 50 million tonnes per annum.
Having close to 2 billion tonnes of iron ore in resources at Hayot Lake is a defining milestone laying the solid foundation to expand from our initial Joyce Lake mining plan targeting production in 2015. The development of these projects will increase the value of the near term cash flow potential to achieve and enhance our longer term high volume and high cash flow value proposition.