ONTARIO – Rockex Mining Corp. of Thunder Bay, ON, has signed a letter of intent with Diversified Innovative Marketing Enterprises (DIME) to advance the Lake St. Joseph iron ore project 100 km northeast of Sioux Lookout.
Rockex will spend $30 million to take the project through the feasibility study and environmental assessment. When that is completed, DIME will provide the $3.77 billion (or as determined by the feasibility study) for development and mining. Rockex is proposing to mine the Eagle Island iron ore deposit and build a hot briquetted iron plant.
The Lake St. Joseph property has been explored on and off for almost 100 years. The latest resource estimate, prepared for Rockex by Watts Griffis McOuat in 2011 contained 590.8 million indicated tonnes grading 28.43% Fe and 415.8 million inferred tonnes at 29.07% Fe.
The financing is subject to Rockex completing certain milestones at the project. Please visit RockexMining.com.