QUEBEC – Century Iron Mines of Toronto and WISCO International Resources Development & Investment have inked a joint venture agreement covering the Attikamagen iron property 15 km east of Schefferville.
The Attikamagen project is held by Century’s subsidiary, Labec Century Iron Ore, which has a 56% interest. The balance is held by Champion Iron Mines of Toronto. The joint venture is structured as a shareholders' agreement whereby WISCO Attikamagen will invest an aggregate of $40 million in consideration for a 40% interest in Labec Century. WISCO, a Chinese company, has made an initial $20 payment to the joint venture. The balance is due on Sept. 26, 2013.
WISCO International also holds a 25% stake Century Iron Ore.
Century and Champion Iron Mines jointly announced the initial inferred resource estimate for the Hayot Lake deposit at the Attikamagen project. Using a cut-off grade of 20% Fe, the deposit includes 1.72 billion inferred tonnes grading 31.25% Fe.
More information about the Attikamagen project is available at CenturyIron.com.