Labrador Iron purchases build ore holdings

Dec 18, 2009 | 09:42 AM | Lisa Gordon

Labrador Iron Mines Holdings Ltd. (LIM) is acquiring an additional 50 million tons of direct shipping iron ore (DSO) in Quebec through a series of five transactions.

The properties, located in the Schefferville area near the Toronto-based company's western Labrador operations, are expected to begin production sometime next year.

"These properties represent a very significant increase in the resource base available to LIM and will both complement LIM's planned DSO operations in Labrador as well as providing LIM with an excellent base and adjacent portfolio of properties within the Labrador trough in the province of Quebec," John F. Kearney, the company's chairman, said.....

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