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Alderon Iron Ore Corp.
Summary
| Project: | Kami | |
|---|---|---|
| Deposit: | Rose | |
| Location: | Canada | |
| Commodities: | Iron | |
| Date: | 2/28/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 28-2-2017: Alderon Iron Ore Corp. announces a PEA report for its Rose deposit at the Kami project. Updated PEA results incl. post-tax NPV (8%) of $1377M, IRR of 23.8% , LOM of 24 yrs. Alderon Iron Ore Corp. (TSX: ADV) ("Alderon" or the “Company”) is pleas | |
| Resources: | (Resource, M+I): 536.8Mt @ 28.6% TFe% for Rose Deposit Mine Plan | |
| CP/QP: | [Overall Report]: Angelo Grandillo (BBA Inc.) | |
| ABSTRACT: | Alderon Iron Ore Corp. (TSX: ADV) ("Alderon" or the “Company”) is pleased to announce that it has received the results of the preliminary economic assessment (“PEA”) on the Rose Deposit of the Kamistiatusset (“Kami”) Iron Ore Property in Western Labrador. The PEA was prepared as a result of a re-scoping exercise of the capital and operating costs of the Kami Project, which was necessary in order to identify the savings that arose as a result of the depressed state of the market that existed over the last several years, changes in ownership and management of assets in the Labrador Trough (including the acquisition by Société du Plan Nord of rail and port infrastructure) and the idling of the neighbouring Wabush Scully Mine (please see news release dated October 19, 2016). With market conditions now improving, it is an ideal time for the completion of the re-scoping exercise. CEO Commentary “The completion of the PEA marks the beginning of the re-boot of the Kami Project in the new economic environment for iron ore,” said Mark Morabito, Chairman and CEO of Alderon. “The Company has completed the economic analysis using an iron ore price assumption that is well below the current spot price, adjusted for 65% iron content and low impurities. The Wabush Scully Mine, which was operated from 1965-2014, is depleted of economic ore reserves. The Kami Project can utilize the depleted pit at Wabush as a tailings solution and bring much needed jobs and economic development to the region with a 29-month construction period, followed by a 24-year mine life. The PEA demonstrates that the capital and operating costs of the Kami Project have been significantly reduced in the current environment and the project has attractive economics at an iron ore price that is well below the current spot price.” | |
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