QUEBEC - NEW MILLENNIUM CAPITAL CORP. of Calgary has received a preliminary assessment study of its KMag iron ore project that says it could become a 15-million t/y producer after an injection of US$3.6 billion. The project is located on the Quebec-Labrador border near Lac Harris, 250 km north of the province's other iron ore mines.
The study assumed that both an open pit mine and a concentrator will be built at Lac Harris. It is based on indicated resources of 1.35 billion tonnes and inferred resources of 992 million tonnes. Both resource categories grade 30.8% Fe. A 750-km slurry pipeline would be built to a pellet plant and ship-loading facility at Pointe Noire, Quebec. The project envisions at least a 30-year-long operation providing over 1,000 direct permanent jobs.
New Millennium has a 100% interest in the KMag property and an 80% interest in the LabMag property. Technical reports on both projects are available at www.NMLResources.com.