Century Iron Mines and Altius Minerals Announce Completion of Acquisition

- November 22nd, 2011

Century Iron Mines Corporation (TSX:FER) and Altius Minerals Corporation (TSX:ALS) announced they have acquired four regional iron ore projects.

Century Iron Mines Corporation (TSX:FER) and Altius Minerals Corporation (TSX:ALS) announced they have acquired four regional iron ore projects.

As quoted in the press release:

As part of the Closing of the transaction, Century and Altius have entered into a royalty agreement (the “Royalty Agreement”) pursuant to which Century has granted and will pay to Altius a 1% to 4% sliding scale gross sales royalty in respect of iron ore produced from the Projects on terms and conditions as set out in the Royalty Agreement. The Company has also agreed to incur aggregate exploration expenditures on the Projects in a minimum amount of $28,000,000 and make certain share payments to Altius over a five-year period following the Closing Date contingent on the achievement of NI-43-101 resource definition milestones as previously disclosed.

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

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