NEWFOUNDLAND & LABRADOR – With luck there may be another iron ore producer developed near Shefferville. NEW MILLENNIUM CAPITAL of Calgary has begun a pre-feasibility study of its LabMag iron ore project. The study should be complete by the end of March 2006.
A 200-tonne bulk sample has been prepared from the seven stratigraphic rock units and is due to be shipped in early October for pilot plant testing and process flowsheet confirmation. Metallurgical testing should be complete by the end of next month with the final report due at the end of February 2006.
New Millenneum has begun environmental baseline field studies to prepare for the environment impact assessment reports required for project permitting and approval. Specialists in social, archaeological and historical sites, air quality, water quality, aquatic inventory, vegetation, mammals and other fauna are working on the baseline study. Exploration drilling at LabMag is also underway.
The LabMag project includes development of a 33-million-tonne/year open pit mine, mill and 600-km pipeline for concentrate to a new pellet plant in Quebec. A positive pre-feasibility study will allow New Millennium (www.NMLresources.com) to proceed on a bankable feasibility study and financing for the project. The company estimates it would take three years to build an operation with a 20-year life.