TORONTO, Nov. 17 /CNW/ - Labrador Iron Mines Holdings Limited (TSX: LIM) reports that it has filed its unaudited financial statements and MD&A for the second quarter ended September 30, 2009. The documents are available under the Company's profile at www.sedar.com and on its website at www.labradorironmines.ca.
At September 30, 2009, the Company had cash and cash equivalents in excess of $28 million. Working capital was $27 million with no borrowings or debt.
Throughout the six months ended September 30, 2009, and subsequently, the Company has made steady progress in advancing its Schefferville Project towards production with ongoing active programs, including drilling, metallurgical testing, environmental permitting and marketing.
A 72 hole, 4,830 metre reverse circulation drilling program, supported by 1,525 metres of trenching was completed on five separate deposits, resulting in 2,278 samples being sent for assay. These deposits comprise the four deposits of the Phase 1 development plan (James, Redmond, Knob Lake and Houston), including some drilling on the Phase 3 Howse deposit.
New NI 43-101 compliant resource estimates were completed on the James and Redmond deposits almost doubling the previous non-compliant historical estimates. A Rail Co-operation Agreement was signed with New Millennium Corp. Limited on the re-construction and operation of the Timmins rail spur line. Of major significance was the announcement that the regulatory review of the Company's Environmental Impact Statement had been completed and no further work is required under the Provincial environmental assessment process.
Labrador Iron Mines Holdings Limited (LIM)
LIM's Schefferville area project involves the development of eight direct shipping iron ore deposits in Western Labrador near Schefferville, Quebec. The Company's properties are part of the historic Schefferville area iron ore district where mining of adjacent deposits was previously carried out by the Iron Ore Company of Canada from 1954 to 1982. Labrador Iron Mines plans mining in three phases, the first stage comprising the James and Redmond deposits, which are located in close proximity to existing infrastructure. The Company plans to commence iron ore production in the summer of 2010.
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, the uncertainty of future profitability and access to additional capital, risks inherent in mineral exploration and risks associated with development, construction and mining operations, delays in obtaining or failures to obtain required governmental, environmental or other project approvals. Caution should be exercised on placing undue reliance on forward looking information.
SOURCE Labrador Iron Mines Holdings Limited
For further information: For further information: please view the Company's website at www.labradorironmines.ca or contact: Donna Yoshimatsu, Vice-President, Investor Relations, Tel: (647) 728-4119, E-mail: Yoshimatsu.firstname.lastname@example.org