QUEBEC - Work has begun, says Montreal's CONSOLIDATED THOMPSON IRON MINES, at its Bloom Lake iron ore project 400 km north of Sept-Iles. Preliminary work started with site clearing, road construction and installation of a power line. Consolidated Thompson has earmarked $8 million for the program by the end of this year. The total cost of mine development is estimated to be $410 million.
The company says this is the first new mining project on Quebec's North Shore since 1974. (Editor's note: The reference must be to the Sidbec Normines project, which was the first mine site I ever visited. - M.S.)
Consolidated Thompson expects to produce 7.0 million tonnes of iron ore concentrate annually from the Bloom Lake mine in each of its 34 years of operation. Initial production is targeted for Q1 2009.
The corporate presentation of September 2007 explains the project in detail. It may be read at www.ConsolidatedThompson.com.