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New Millennium Iron Corp.
Summary
| Project: | NuTac-KeMag | |
|---|---|---|
| Deposit: | KeMag | |
| Location: | Canada | |
| Commodities: | Iron | |
| Date: | 6/9/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Pre-Feasibility Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 9-6-2016: New Millennium Iron Corp. announces a Pre-Feasibility Study report for its KeMag deposit at the NuTac-KeMag project. NuTac-KeMag PFS results incl. pre-tax NPV (8%) of CAD$1319M, IRR of 12.2%, 7.1 year payback. In September 2015, New Millennium I | |
| Resources: | (Reserve, P+P): 815Mt @ 31.4% Fe, 27.3% DTWR at KeMag | |
| CP/QP: | [Resources]: Dr. Schadrac Ibrango (Met-Chem Canada Inc.) | |
| ABSTRACT: | In September 2015, New Millennium Iron Corp. (“NML”) commissioned a Pre-Feasibility Study (“PFS”) to explore the development of one of its taconite deposits in the Millennium Iron Range, which is a 210 km belt located near Schefferville, Québec, that has resources in both the Province of Newfoundland and Labrador and the Province of Québec. Following the submission of the KéMag Taconite Project, which was managed by Innu SNC Lavalin Partnership (“ISLLP”), a National Instrument 43-101 (“NI 43-101”) Technical Report (“Taconite FS”) of the study was prepared by Met-Chem Canada Inc. and filed on SEDAR on May 12, 2014. Since then, a number of macro-economic conditions have changed including pricing in the iron ore market due to a general slowdown in the world economy and especially in China. These changes prompted NML to rescope the original KéMag Project to a smaller scale project that better suits the current market environment and has a reduced overall initial capital requirement. In addition, this project takes advantage of improvements to the process design that were developed following the Taconite FS as well of other improvements that reduce the capital and operating costs. It also uses existing infrastructure capacity that appeared unavailable at the time of NML’s earlier taconite development studies. This project is appropriately called NuTac-KéMag (NuTac) and it has as its foundation key elements and information from the Taconite FS. | |
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