Business
Labrador Iron Mines Reports Second Quarter September 30, 2021 Results
Labrador Iron Mines Reports Second Quarter September 30, 2021 Results.
About this update from Labrador Iron Mines Holdings Ltd.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - November 12, 2021) - Labrador Iron Mines Holdings Limited (OTC Pink: LBRMF) (the \"Company\") reports its financial results for the three and six months ended September 30, 2021.This News Release should be read in conjunction with the Company's unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis (\"MD&A\") for the three and six months ended September 30, 2021, which are available on the Company's website at www.labradorironmines.ca or under the Company's profile on SEDAR (www.sedar.com).All currency references in this news release are expressed in Canadian dollars, unless otherwise indicated.OVERVIEWThe Company, through its majority owned subsidiaries Labrador Iron Mines Limited (\"LIM\") and Schefferville Mines Inc. (\"SMI\"), is engaged in the exploration and development of iron ore projects, situated in the Menihek area of western Newfoundland and Labrador and northeastern Quebec, near the town of Schefferville, in the central part of the Labrador Trough region of eastern Canada, one of the major iron ore producing regions in the world.The Company's focus is planning activities related to advancing the Houston Project, LIM's flagship property. The Company also continues to conduct the expenditures required to maintain its various mineral claims in good standing. LIM's former James Mine and the Silver Yards processing facility have been in progressive reclamation since the termination of mining at the James Mine at the end of 2013. Following completion of a final rehabilitation program during the summer of 2021, which primarily involved some repeat seeding and re-vegetation and removal of discharge piping, LIM has now completed all its environmental regulatory requirements relating to rehabilitation of the former James Mine, Redmond Mine and the Silver Yards processing site and related infrastructure.Houston ProjectThe Houston Project is an open pit direct shipping iron ore project located near the town of Schefferville, on which an updated, independent Preliminary Economic Assessment (\"PEA\") was completed in February 2021 which demonstrated production of 2 million dmt of DSO per year, with an initial 12-year mine life, for total production of 23.4 million dmt of product at 62.2% Fe over the life of the mine. Planned operations involve...