Century Iron Mines Corporation
TSX : FER

Century Iron Mines Corporation

November 14, 2013 08:00 ET

Century Iron Mines Corporation Announces Filing Of Second Fiscal Quarter Financial Results

TORONTO, ONTARIO--(Marketwired - Nov. 14, 2013) -

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Century Iron Mines Corporation ("Century" or "Century Iron" or the "Company") (TSX:FER) is pleased to announce that it has filed its condensed consolidated interim financial statements for the second fiscal quarter ended September 30, 2013 and the related management's discussion and analysis on SEDAR. The Company and its Attikamagen joint venture had as at September 30, 2013 cash and cash equivalents of approx. $56.6 million. The Company had exploration and evaluation assets of $25.6 million and an investment in the Attikamagen joint venture of $59.0 million as of September 30, 2013. A copy of the financial statements and MD&A are available under Century's SEDAR profile at www.sedar.com and will be posted on Century's website at www.centuryiron.com.

About Century

Century is an exploration and development company of iron projects in Canada. The Company has significant interests in several properties in western Québec and in the prolific iron ore-producing region of the Labrador Trough in eastern Québec and western Newfoundland and Labrador. Century has two key strategic partners in WISCO International Resources Development & Investment Limited ("WISCO") and Minmetals Exploration & Development (Luxembourg) Limited S.àr.l., both state-owned Chinese companies with the financial and technical resources to assist the Company with funding and technical expertise for the exploration and development of its projects.

Century has interests in the following mineral exploration projects located in the Provinces of Québec and Newfoundland and Labrador:

  • The Attikamagen Lake Project in which Labec Century will own a 100% interest after the completion of the acquisition of the remainder of the interest from Champion Iron Mines Limited which was announced on October 2, 2013. Labec Century is a joint venture company owned by Century as to 60% and WISCO Attikamagen as to 40%. The Joyce Lake DSO Project of Attikamagen is in development stage and it is the most advanced of all deposits with an NI 43-101 compliant resource estimate and a preliminary economic assessment completed which is filed on SEDAR and on the Company's website;

  • The Sunny Lake Project, which is a joint venture between Century and WISCO under the Sunny Lake Joint Venture Agreement, as announced by Century on November 29, 2012;

  • The Duncan Lake Project in which Century currently has earned a 65% interest under an option and joint venture agreement with Augyva Mining Resources Inc. (TSX VENTURE:AUV). Century has entered into a Joint Venture Framework Agreement with WISCO pursuant to which WISCO may earn a 40% joint venture interest in the Duncan Lake Project; and

  • The Astray, Grenville, Menihek and Schefferville projects acquired from Altius Minerals Corp. (TSX:ALS) (100% owned by the Company). These projects are 100% owned by Century, except that Century has sold 80% of its interest in the Astray project and retained a 20% interest.

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 Iron's website is: www.centuryiron.com.

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