Century Iron Mines Corporation
TSX : FER

Century Iron Mines Corporation

February 12, 2015 07:30 ET

Century Announces Third Fiscal Quarter 2014-15 Financial Results

TORONTO, ONTARIO--(Marketwired - Feb. 12, 2015) - Century Iron Mines Corporation ("Century" or the "Company") (TSX:FER) is pleased to announce that it has filed its condensed consolidated interim financial statements for the third fiscal quarter ended December 31, 2014 and the related management's discussion and analysis ("MD&A") on SEDAR.

The Company reported a substantial corporate working capital of $43.1 million, comprised of cash and bank deposits of $28.0 million and a net receivable of $15.1 million, not tied to any funding commitment for project development. This unique position enables the Company to assess a wide range of growth options and acquisition opportunities to create shareholder value at what is possibly the bottom of the overall commodity cycle. Management continues to believe that such opportunities may exist beyond the iron ore sector and have established certain criteria and rigorous processes for the evaluation of potential opportunities under the leadership of a special management task force. The Company is currently identifying and pursuing potential assets that will create maximum shareholder value by applying the proper discipline on optimal capital allocation.

In regards to the Company's iron ore development, Labec Century Iron Ore Inc. (the "JV"), a joint venture between Century (owning 60% in the JV) and WISCO International Resources Development & Investment Limited (owning 40% in the JV), reported a cash and bank balance of $20.3 million as at December 31, 2014. The strong financial position of the JV provides sufficient funding to complete the planned bankable feasibility and environmental studies in early 2015 for the Joyce Lake direct shipping ore ("DSO") project, the Company's most advanced project, and brings it to the pre-construction stage without the need for any additional capital contribution from the Company.

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 International Resources Development & Investment Limited ("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.

Century's most advanced project is the Joyce Lake DSO project, a joint venture with WISCO located close to Schefferville, Québec. It is planned as a 2-million tonne per annum direct shipping iron ore project. A bankable feasibility study is expected to be completed early in 2015.

The Company's mission is to create shareholder value through the efficient allocation of capital resources. Century has a strategic joint venture with WISCO to develop its iron ore resources. In addition, the Company is also committed to exploring and evaluating strategic opportunities outside of the iron ore market to create additional shareholder value. Century's website is: www.centuryiron.com.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

THIS PRESS RELEASE CONTAINS "FORWARD-LOOKING INFORMATION" WITHIN THE MEANING OF CANADIAN SECURITIES LEGISLATION. 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. FORWARD-LOOKING INFORMATION INCLUDES INFORMATION THAT RELATES TO, AMONG OTHER THINGS, CENTURY'S INTENTION TO EVALUATE PROSPECTIVE TRANSACTIONS ARISING FROM THE REVIEW BY CENTURY OF ITS STRATEGIC OPTIONS AND ITS AVAILABLE WORKING CAPITAL. FORWARD-LOOKING INFORMATION IS BASED ON, AMONG OTHER THINGS, OPINIONS, ASSUMPTIONS, ESTIMATES AND ANALYSES THAT, WHILE CONSIDERED REASONABLE BY CENTURY AT THE DATE THE FORWARD-LOOKING INFORMATION IS PROVIDED, ARE INHERENTLY SUBJECT TO SIGNIFICANT RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS AND EVENTS TO BE MATERIALLY DIFFERENT FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING INFORMATION. THE RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING INFORMATION MAY INCLUDE, BUT ARE NOT LIMITED TO, RISKS GENERALLY ASSOCIATED WITH CENTURY'S BUSINESS, AS DESCRIBED IN CENTURY'S ANNUAL INFORMATION FORM FOR THE YEAR ENDED MARCH 31, 2014. 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