Business
Roche Bay Project Gains Support from Corus
Roche Bay Project Gains Support from Corus.
About this update from Borealis Exploration Limited
[{"type":"text","content":"Press Release\r\n\r\nRoche Bay Project Gains Support from Corus\r\n\r\nRoche Bay plc (\"Roche Bay\" or \"the Company\") and Corus Group plc (\"Corus\") have signed a memorandum of agreement regarding the development of part of Roche Bay's magnetite deposits in northern Canada.\r\n\r\nUnder the memorandum of agreement, Corus has an option to buy between 2 and 3.5 million tonnes annually of iron ore concentrate/pellets from Roche Bay on a 10 year contract starting in 2010. The option is contingent on Roche Bay's feasibility plan and ore quality meeting specified levels. In terms of the agreement, Corus also has an option to acquire an interest in the project pending the results of the pre-feasibility and feasibility studies. Roche Bay expects to deliver the pre-feasibility study by spring of 2007.\r\n\r\nThe initial project will focus on the development of an iron ore mine with an annual production of up to 8 million tonnes of concentrate, which Roche Bay expects will lay the groundwork for expansion into pellet sales with the construction of a pellet plant. This project will use the Eastern Ore bodies owned by Roche Bay which the Roche Bay directors believe will combine a long mine life with low cost operation due to its immediate proximity to the coast, access to a natural deep water harbour and quality of magnetite ore.\r\n\r\nBenjamin Cox, Chief Executive of Roche Bay, said: \"We are delighted to be moving towards the development of this project with Corus' support. The directors believe Roche Bay potentially represents an asset of great strategic value to the European steel industry.\"\r\n\r\nScott MacDonald, Executive Director, Corus said: \"Corus is pleased to be able to support this project from its early phase. We are keen to see the development of significant new iron ore projects that can become a strategic part of our iron ore requirements.\"\r\n\r\nFor more information contact:\r\n\r\nFor Roche Bay plc\r\nMillbrook Partnership\r\nTim Grey/ Sarah Ryle\r\n+44 (0) 20 7520 9455\r\[email protected]\r\n\r\nCorus Group plc\r\nAnnanya Sarin\r\n+44 (0) 20 7717 4532\r\[email protected]\r\n\r\nNotes to Editors\r\n\r\nAbout Roche Bay plc\r\n\r\nRoche Bay (RCHBF) is an emerging iron ore company with a large resource base broken down into two groups of ore bodies, the East which is the current focus and the...