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Century Iron Mines Corporation report that, pursuant to theAttikamagen Option and Joint Venture Agreement dated May 12th 2008and as amended on July 9th 2008 and March 25th 2010 between LabecCentury Iron Ore Inc a subsidiary of Century Iron Mines Corporationand Champion Minerals Inc Champion has signed and delivered toLabec Century transfers conveying an additional 5% to increaseLabec Century's existing 51% interestin the Attikamagen LakeProject to an aggregate of 56%. Labec Century has the further right to earn an additional 4%interest to increase to a 60% interest in the Project. Labec Century, having earned the Initial Interest upon thefulfillment of its obligation to fund USD 7,500,000 in explorationand development work expenditures on the Project earlier, has nowexpended a further USD 2,500,000 in exploration and developmentwork on the Project to earn the additional 5% interest and increaseits interest to 56% well in advance of the May 12, 2013 expirydate. Labec Century and Champion have already formed a joint venture,upon Labec Century's acquisition of the Initial Interest,reflective of their proportionate ownership interests in theProject. Labec Century is the Operator of the Project. WISCO International Resources Development & Investment Limitedholds an approximate 25% interest in Century Iron and an off-takeagreement for up to 60% of the production from the Attikamagen LakeProject. The Attikamagen Lake Project is subject to WISCO's 40%interest in Labec Century and its joint venture with Champion inwhich Labec Century has the right to earn a 60% interest by makingexpenditures in respect of the Project. "Century is pleased to have completed an earn-in of an additional5% in the Attikamagen Lake Project bringing its interest in theProject to 56% through its subsidiary, Labec Century, which is nowthe Operator of the Project with our partner Champion Mineralsunder the Joint Venture Agreement. This is another important milestone toward advancing the Projectwith the objective to production. We are very pleased with thepositive exploration results of Joyce Lake, the first target fordirect shipping ore production of this Project, which have beenpublished in previous months. We are continuing to drill to buildresources and look forward to publishing more results as theybecome available in the coming months. Our core mining team is in place with Hubert Valle, Senior VP ofLogistics, Mine Development & Operations, leading the Project whohas recently been joined by Ghislain Arel, an experienced miningengineer. Both executives were key members of the successfuldevelopment of Bloom Lake iron ore mine into production. Our team brings to Century invaluable Canadian iron ore minedevelopment experience and expertise in the Labrador Trough region.We feel very fortunate that we have attracted such talent andexpertise which will ensure our goals are met on time and onbudget. We continue to integrate our geological exploration andmining engineering teams to successfully develop the Project." Source - Century Iron. The e-commerce company in China offers quality products such as China Portable Data Terminals , Portable Data Collection Terminal, and more. For more , please visit Portable Data Terminals today!
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