Century Iron Mines hits 45 metres of 62.67% total iron at Sunny Lake

Century Iron Mines (TSE:FER) unveiled Wednesday new assay results that tested a direct shipping ore (DSO) target at its wholly owned Sunny Lake iron ore project in northeastern Quebec.

The results are from the 2011 fall exploration program at the Sunny Lake - Lac Le Fer property, located near the town of Schefferville in Quebec.

Century Iron tested the DSO target, named Prospect 3, with one short hole at the end of the exploration program.

Hole LLFP3-11-004 intersected 45 metres of 62.67% total iron , with the hole ending in mineralization at 54 metres.

The DSO target was defined by recent magnetic and ground gravity data and compilation of previous mapping by the Iron Ore Company of Canada, Century Iron said. The hole tested a gravity anomaly 1,200 metres long and 400 metres wide.

Drilling is scheduled to resume in May of this year with a more powerful reverse circulation drill rig to complete drill hole LLFP3-11-004, and drill additional holes to test the full extent of the gravity anomaly.

Century Iron said the drilling results are consistent with the findings of M. Tremblay’s 1951 IOC exploration report.

Century Iron is Canada's largest holder of iron ore land claims, with interests in several properties in the Provinces of Quebec and Newfoundland and Labrador.

The company has two key strategic partners in WISCO International Resources and Minmetals Exploration & Development, both state-owned Chinese companies with the financial and technical resources to assist the company with funding and technical expertise for the exploration and development of its iron ore projects.

WISCO Resources holds an approximate 25 percent interest in Century Iron with an off-take agreement for up to 60 percent of production, while Minmetals holds around five percent of the company, with an agreement for up to 10 percent of production.