News & Analysis » Canada

Century Iron Mines research and analysis

Contributed by eResearch

By Bob Weir

Century Iron Mines Corporation has announced initial assay results for the Company’s 2011 summer drilling program at the 100%-owned Sunny Lake project in northeastern Quebec.

Over 5,000 metres of diamond drilling had been completed under the 2011 program at Sunny Lake by October 15, 2011. Drilling is ongoing, with the current phase expected to be completed by December 2011.

The summer program was focused on a large potential taconite target (an approximate 13.5-kilometre strike length of potential taconite iron mineralization).

Highlights

Drill hole RL11-0002 intersected 341.1 metres of taconite iron mineralization, grading 28.4% total iron (FeT).

Drill hole RL11-2604 intersected 126.3 metres of taconite mineralization ,grading 31.1% FeT..

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 $100 million ($1.25 per share) in cash, earmarked for acquisition of properties and companies. The Company’s Duncan Lake project in the James Bay region of Quebec (51% interest) has 31 million tonnes in NI 43-101 M+I resources at 23% Fe, 821 million tonnes in Inferred resources at 25% Fe, and 500 million tonnes in potential resources.

eResearch Analysts on this Report:
Yuri Belinsky, B.A., M.A.; and Bob Weir, B.Sc., B.Comm, CFA