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Champion Iron Ltd.
Summary
| Project: | Bloom Lake | |
|---|---|---|
| Deposit: | Bloom Lake | |
| Location: | Canada | |
| Commodities: | Iron | |
| Date: | 6/20/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Feasibility Study | |
| Project Stage: | Mine in Care & Maintenance | |
| Report details: | 20-6-2019: Champion Iron Ltd. announces a Feasibility Study report for its Bloom Lake deposit at the Bloom Lake project. Phase II Feasibility Study results incl. post-tax IRR of 33.4%. Montreal, June 20, 2019 - Champion Iron Limited (TSX: CIA) (ASX: CIA) | |
| Resources: | (Reserve, P+P): 807.0Mt @ 29.0% Fe | |
| CP/QP: | [Resources]: Pierre-Luc Richard (BBA Inc.) | |
| ABSTRACT: | Montreal, June 20, 2019 - Champion Iron Limited (TSX: CIA) (ASX: CIA) (“Champion” or the “Company”) is pleased to announce positive results of the Phase II Feasibility Study (“Feasibility Study” or “Study”) prepared pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) for the Bloom Lake Mining Complex (“Bloom Lake”), located near the town of Fermont, in north-eastern Quebec. The Feasibility Study envisions further exploiting Bloom Lake which would increase overall capacity from 7.4Mtpa to 15Mtpa of 66.2% Fe iron ore concentrate. Champion Iron CEO, Mr David Cataford, said, "This is a positive outcome for the Company as Phase II would further position Champion as one of the largest high-grade iron ore producers in the world. Based on conservative assumptions compared to current spot price, the Phase II Feasibility Study demonstrates that this expansion at Bloom Lake may drive additional value to shareholders and allow the Company to continue on its recent growth trajectory. In fact, we believe that very few iron ore projects offer the potential of 20+ years of production at industry-low operating costs, whilst being strategically located in close proximity to all necessary infrastructure and situated in what we consider to be a superior mining jurisdiction. Consistent with our commitment to offer accretive growth while managing dilution, we are approaching the project diligently by advancing key longlead time items and will look at optimal sources of capital to further advance the project in due time." The Feasibility Study conducted by BBA Inc. evaluated the life-of-mine ("LoM") option for expanded mining and processing to maximize the value of the mineral resource at Bloom Lake. The Feasibility Study evaluates the combined Phase I and II mining plan, current concentrator plant at Phase I and completion of the Phase II concentrator plant. Results of the Study recommend an expansion of Bloom Lake, resulting in a LoM production averaging 15 Mtpa of 66.2% Fe iron ore concentrate. Based on the new optimized mine plan, the mining rate at Bloom Lake would also be increased to accelerate the supply of ore to the expanded facilities, while maintaining a LoM of 20 years. Pursuant to the strong economics outlined in the Feasibility Study, the Company’s board of directors has approved an initial budget of $68 million to advance the project during the remainder of 2019, which is expected to meet the timetable detailed in the Feasibility Study. The approved budget will be funded from cash on hand and existing debt facilities. Finalization of additional funding sources for the project is expected to be completed before mid-2020. | |
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