IRON RESOURCE: Oceanic reports Hopes Advance numbers

QUEBEC – Oceanic Iron Ore Corp. of Vancouver has filed a 43-101 report on the mineral resources of its Hopes Advance iron project in Ungava Bay. The in pit measured and indicated resources are 1.27 billion tonnes grading 32.3% Fe, and the inferred portion is 193.4 million tonnes at 32.9% Fe.

Oceanic is investigating the Morgan Lake and Roberts Lake properties as well as Hopes Advance. They are all located between 20 and 50 km of tidewater, locations that will facilitate international shipment of the product.

The preliminary economic assessment suggested that development of a 10-million-t/y concentrate producer would carry a price tag of $2.40 billion. Other, more expensive, options were also considered. Please see OceanicIronOre.com.