Century Iron Earned 51% of Attikamagen

Century Iron Mines Corporation (TSX:FER) has earned 51% interest in the Attikamagen iron ore property from Champion Minerals.

As quoted in the press release:

Century has fulfilled its obligation to fund $7,500,000 in exploration and development work expenditures on the Attikamagen Iron Property required to earn the Initial Interest in the Attikamagen Iron Property. Labec Century has the option to increase its interest to 56% by funding a further $2,500,000 in exploration and development work on the Attikamagen Iron Property on or before May 12, 2013 and to further increase its interest to 60% by funding an additional $3,000,000 in exploration and development work on the Attikamagen Iron Property on or before May 12, 2014.

Century’s CEO and President, Sandy Chim said:

Century is pleased to have had the earn in completed through its subsidiary, Labec Century, thus forming the joint venture with Champion and achieving a major milestone on the development of the Attikamagen Project. The Project has been progressing well with encouraging results announced earlier from our 2011 exploration program.

Click here to read the Century Iron Mines Corporation (TSX:FER) press release.