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Century Iron Mines Corp. research and analysis

Contributed by eResearch

By Bob Weir

Duncan Lake Interim Results

Century Iron Mines Corporation has published interim Phase II drill results from its 51%-owned Duncan Lake iron ore project in Quebec (see map on page 2). The results had been announced on December 14, 2011 by 49% partner Augyva Mining Resources. The drilling at the project is continuing.

Century Iron plans to update the property’s NI 43-101 compliant resource estimate in 2012, and subsequently prepare a preliminary economic assessment (PEA)

Definitive Joint-Venture Agreement with WISCO Resources

Century Iron and WISCO International Resources Development and Investment Limited (WISCO Resources) announced that they have executed the definitive joint-venture agreements that will govern the joint ventures to be formed between the two companies for the exploration and development of Century Iron’s Attikamagen and Sunny Lake projects.

The formation of the JVs under the agreements and initial fundings will be subject to various conditions, expected to be satisfied over the next two-to-four months.

Execution of the JV agreement for the Duncan Lake project is subject to completion of WISCO Resources’ internal processes.

In aggregate, WISCO Resources will invest a total of $120 million in exchange for a 40% interest in each of the three projects.

THE COMPANY

Century Iron Mines Corporation is a mineral exploration company, with four iron ore properties in Canada: in Quebec, and in Newfoundland and Labrador (see map on page 3). The Company has two strategic Chinese shareholders - WISCO (25%) and Minmetals (5%) - and off-take agreements for 70% of future production.

Century has more than $90 million in cash, earmarked for exploration and acquisitions. The Company’s Duncan Lake project (51% interest) in the James Bay region of Quebec has 31 million tonnes in NI 43- f101 M+I resources at 23% Fe, 821 million tonnes in Inferred resources at 25% Fe, and 500 million tonnes in potential resources.

eResearch Analysts:
Yuri Belinsky, B.A., M.A.
Bob Weir, B.Sc., B. Comm, CFA