NEWFOUNDLAND – NEW MILLENNIUM CAPITAL CORP. of Montreal has completed a resource estimate on its LabMag iron ore deposit, which may be North America’s largest undeveloped magnetite resource. The project is located on the Labrador Peninsula, about 30 km west of Schefferville, Que.
The deposit is believed to contain over 1 billion tonnes averaging 30% Fe in the indicted resources category and a further 760 million tonnes at the same grade in the inferred resources category. The estimate was prepared at the conclusion of the 2004 drilling program.
New Millennium wants to develop a mine and mill that would produce 10 million tonnes of concentrate annually for at least 20 years. It has plans to transport concentrate slurry via a 600-km-long pipeline to Sept-Iles, Que., where it would be pelletized. Work on a pre-feasibility study is expected to commence in the third quarter of 2005.
Visit www.NMLresources.com for a complete description of the project and a map.