VANCOUVER – Oceanic Iron Ore Corp. has been advised by the Canadian Environmental Assessment Agency that the company’s Hopes Advance iron project will be reviewed under the new guidelines in accordance with the Canadian Environmental Assessment Act 2012. Oceanic has been asked to refile its project notice, but says the overall completion date is not expected to change.
The new rules were introduced as part of the federal government’s Economic Action Plan 2012. It aims to streamline the review process for mining and other major economic projects, a goal applauded by the mineral industry. The guidelines include support for consultation with Aboriginal peoples. Timely completion of the review process is also a priority.
The Hopes Advance review is perhaps the first review of a mining project under the new rules. In April 2012, Oceanic released a 43-101 report for the deposit. The measured and indicated resources were given as 1.3 billion tonnes averaging 32.3% Fe. The inferred resource is 193.4 million tonnes at 32.9% Fe.
Maps and additional information about the Hopes Advance project are available at OceanicIronOre.com.