QUEBEC – Century Iron Mines Corp. (60%) of Toronto and WISCO International (40%), a subsidiary of China's Wuhan Iron & Steel, have created a joint venture for Century's Sunny Lake iron ore property near Schefferville. WISCO Sunny Lake will invest a total of $40 million into the project.
A joint management committee will oversee exploration and development work done by the operator, WISCO Century Sunny Lake Iron Mines.
The Sunny Lake project includes two groups of claims, Lac Le Fer and Rainy Lake. At Rainy Lake, Century has already outlined 7.26 billion indicated tonnes grading 30.18% Fe and 8.69 billion inferred tonnes at 29.86% Fe. Drilling at Lac Le Fer returned 45 metres of 62.87% Fe.
A discussion of the Sunny Lake geology is available at CenturyIron.com.