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Alderon Iron Ore Corp.
Summary
| Project: | Kami | |
|---|---|---|
| Deposit: | Kami | |
| Location: | Canada | |
| Commodities: | Iron | |
| Date: | 3/14/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 14-3-2017: Alderon Iron Ore Corp. announces a PEA report for its Kami deposit at the Kami project. Updated PEA results incl. post-tax NPV (8%) of $1.377M, IRR of 23.8%, LOM of 24 yrs. The Property is located south of the towns of Wabush and Labrador City | |
| Resources: | (Resource, M+I): 536.8Mt @ 28.6% TFe% for Rose Deposit Mine Plan | |
| CP/QP: | [Resources]: Michael Kociumbas (Watts, Griffis & McOuat Ltd.) | |
| ABSTRACT: | The Property is located south of the towns of Wabush and Labrador City in Newfoundland and Labrador and east of Fermont, Quebec. The Property perimeter is approximately 6 km southwest from the Wabush Mines mining lease. The Property consists of two contiguous licenses and a mining lease forming one block and spans an area that extends approximately 12 km east-west and 13 km north-south in NTS map areas 23B/14 and 15, and centered at approximately 52°49’N latitude and 66°59’W longitude. The Property is comprised of 283 claim units covering 7,075 hectares. Alderon Iron Ore Corp. ("Alderon") acquired a 100% interest in the Kamistiatusset Iron Ore Property (the "Property" or "Kami") on December 8, 2010 from Altius Minerals Corporation ("Altius"). The purchase is subject to a 3% gross sales royalty. Subsequently, Alderon signed a subscription agreement dated April 13, 2012, and amended August 13, 2012, with HBIS Group Co., Ltd. (“HBIS”), formerly known as Hebei Iron and Steel Group Co. Ltd. Under the terms of this Agreement, HBIS agreed to make a strategic investment into both Alderon and the Property, thus allowing HBIS to hold 19.9% of the outstanding common shares of Alderon and a 25% interest in a newly formed limited partnership that was established to own the Property. The parties also agreed upon the terms of all other material agreements governing the relationship between HBIS and Alderon and HBIS’s agreement to purchase iron ore concentrate produced at the Property. The following Technical Report presents a Preliminary Economic Assessment (PEA) that summarizes the results of a re-scoping exercise that was undertaken for the development of the Kamistiatusset (Kami) Iron Ore Property in Western Labrador. In October 2016, Alderon Iron Ore Corp. (Alderon or the Corporation) commissioned the engineering consulting group BBA Inc. to perform this Study. This Report was prepared at the request of Mr. Mark Morabito, President and Chief Executive Officer of the Corporation. | |
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