TORONTO, ONTARIO--(Marketwired - June 28, 2013) -
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Century Iron Mines Corporation (FER.TO) ("Century" or "Century Iron" or the "Company") is pleased to announce that it has filed its consolidated financial statements for the year ended March 31, 2013 and the related Management's Discussion and Analysis ("MD&A"), as well as its Annual Information Form ("AIF") on SEDAR.
The Company reports a gain on the deemed disposal of a subsidiary of approx. $47.7 million for the year ended March 31, 2013. The Company and its Attikamagen joint venture had as at March 31, 2013 cash and cash equivalents of approx. $37.3 million. The Company had exploration and evaluation assets of $39.6 million and investment in the joint venture of approx. $59 million as of March 31, 2013. A copy of the financial statements, MD&A and AIF are available under Century's SEDAR profile at www.sedar.com and will be posted on Century's website at www.centuryiron.com.
About the Company
Century is an exploration and development company of iron projects in Canada. It 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 Project in which Labec Century Iron Ore Inc. ("Labec Century") has a registered 56% interest and in which it has requested a further 4% interest under the Attikamagen Joint Venture Agreement with Champion Iron Mines Limited ("Champion"). Champion is completing its due diligence investigations with respect to the transfer of the 4% interest. Labec Century is a joint venture company owned by Century and WISCO, as announced by Century on September 26, 2012.
- 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 has 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. (ALS.TO). These projects are 100% owned by Century, except that Century has sold 80% of its interest in a substantial part of the Astray project and has 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.