Consolidated Thompson Iron Mines Limited (CLM) reaffirms that it expects mining to begin at the Bloom Lake project during the fourth quarter of 2009. A Steel Business Briefing (SBB) note from July 3, 2009 reported a delay in production at CLM’s Bloom Lake Iron Ore Project. The note quoted sources at Worldlink Resources, which has entered into an offtake agreement with CLM pursuant to which it has agreed to purchase approximately 88% of the iron concentrate produced from the Bloom Lake property. CLM has conferred with Worldlink and Worldlink firmly denies ever having spoken to SBB regarding this issue. The Bloom Lake Iron project is located 13 km northwest of the town of Fermont and 8 km north of the Mont-Wright deposit in Quebec Canada.
Consolidated Thompson Iron Mines Limited announce that it has entered into a term sheet with Marret Asset Management Inc. providing for a US$50 million secured note facility. The proposed facility would allow the company to draw down up to US$50 million at any time prior to December 31, 2009. Richard Quesnel, the President and CEO of the Company, commented “Together with the strategic investment by WISCO and our recently completed equity offering, this facility provides Consolidated Thompson with additional financial flexibility to accelerate any desired capacity expansion at the Bloom Lake mine, pursue other strategic initiatives and to cover any contingencies relating to the development of the Bloom Lake mine.”
Received an NI 43-101 Technical Report which concluded that exploration work carried out in the west part of the property between Triangle and Carotte lakes, allowed to find new ferriferous resources. Visual observations and assay results show a good homogeneity of the total Fe content. The magnetite, MgO and CaO content is lower in the western part then the Bloom Lake pit area. It was recommended at surveying of the drill hole collars should be done for the positioning of the holes as well as for their inclination and orientation.
Advanced or Above