Century Iron Mines Corporation
TSX : FER

Century Iron Mines Corporation

November 03, 2014 08:00 ET

Century Announces Completion of Field Work for the Hydrogeological and Geotechnical Study

TORONTO, ONTARIO--(Marketwired - Nov. 3, 2014) - Century Iron Mines Corporation ("Century Iron" or "Century" or the "Company") (TSX:FER) is pleased to announce that WESA, part of the BluMetric Environmental Inc. (TSX VENTURE:BLM) group of companies, a leading Canadian cleantech company, and LVM, one of the largest soil, materials and environmental engineering consulting groups in Canada, have successfully completed the field work related to a C$1.6 million contract for a hydrogeological and geotechnical study for the Company's Joyce Lake open pit Direct Shipping Ore (DSO) Project ("Joyce Lake DSO Project") in Newfoundland and Labrador.

This study, to be completed jointly by WESA and LVM, will be a crucial part of the Environmental Impact Statement, which is a prerequisite for environmental permitting. The study will also include groundwater modeling to evaluate dewatering requirements, and defining the pit slope and bench angles to support the Bankable Feasibility Study for the Joyce Lake DSO Project.

Sandy Chim, President & CEO, commented:

"We are pleased that the field work was completed as planned before the end of the field season and thus achieving another key milestone in the completion of bankable feasibility and environmental studies."

The Joyce Lake DSO Project is Century's most advanced project and is a joint venture between the Company and WISCO International Resources Development & Investment Limited ("WISCO") located close to Schefferville, Québec. Annual DSO production is targeted at two million tonnes of per year. A Bankable feasibility study is expected to be completed early in 2015.

About Century

Century is an iron exploration and development company and has significant properties in the prolific Labrador Trough in Québec and Newfoundland and Labrador, as well as the James Bay area of Québec. Century has two key strategic partners, WISCO and Minmetals Exploration & Development (Luxembourg) Limited S.àr.l., both Chinese state-owned enterprises. Each provides financial resources and technical expertise to assist the Company in advancing its projects.

The Company's mission is to enhance shareholder value through the development of iron projects in Canada and to become a major Canadian iron ore producer. Century's website is: www.centuryiron.com.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF CENTURY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE CENTURY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Contact Information

  • Century Iron Mines Corporation
    Bob Leshchyshen, MBA, CFA
    Vice-President, Corporate Development
    & Investor Relations
    416-977-3188, ext. 109
    bob.leshchyshen@centuryiron.com

    CHF Investor Relations
    Robin Cook
    Senior Account Manager
    416-868-1079, ext. 228
    robin@chfir.com