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In late 2010 Altius staked a commanding land position in the Labrador Trough targeting potential early-stage opportunities for new iron ore discoveries and consisted of four large target areas: Astray, Grenville, Menihek and Schefferville. The staking was primarily based on an in-house database of archived geological mapping and airborne magnetics generated by industry and government.
In September 2011 Altius signed an agreement covering all four regional iron ore projects in the Labrador Trough with Century Iron Mines Corporation (FER:TSX) ("Century").
Under the Agreements, Century will acquire a 100% interest in the four projects for exploration expenditures of $7 million per project and the issuance of 5 million Century shares cumulatively over a 5-year period. Altius will retain a 1% to 4% sliding scale Gross Sales Royalty ("GSR") on the properties as well as additional consideration of "bonus" Century shares as National Instrument 43-101 compliant iron ore resources are defined above various thresholds.
Collectively these projects cover 1,647 square kilometres and a significant portion of the indicated iron formation within the Newfoundland and Labrador portion of the Labrador Trough. Preliminary results from a recently completed 22,000 line kilometre airborne horizontal gradient and magnetic total field survey and initial ground follow-up work indicate that multiple targets for each of the major recognized iron ore types (i.e., taconite, meta-taconite, and direct shipping ore) that are presently being mined or are under development in the region are present throughout this extensive land package. A minimum $4.3 million program is underway for the year 1 program.
Century's mission is to enhance shareholder value through the development of iron ore projects in Canada and to become a Canadian iron ore producer. Century has promising iron ore assets and is firmly entrenched in western Quebec and in the prolific iron ore producing region of the Labrador Trough in eastern Quebec and western Labrador. The Company has two key strategic partners in WISCO International Resources Development & Investment Limited and Minmetals Exploration & Development (Luxembourg) Limited S.à r.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 iron ore projects.
Century Iron's website is: www.centuryiron.com.
