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Century Iron Mines Corporation | Corporate Presentation | November 2012 ...

Century Iron Mines Corporation | Corporate Presentation | November 2012
Speaker: Sandy Chim, C.A., Director, President and Chief Executive Officer

Company Information:
as of Nov 2012

TSX Venture: FER
52-Week high/low: C$0.92-C$2.50
Market Cap: C$97.0m
Recent Price: C$1.02
Shares: 94.9 million
Fully Diluted: 103.8 million
Website: www.centuryiron.com

Century Iron is Canada’s largest holder of iron ore land claims in a public company, with interests in several properties in the Provinces of Quebec and Newfoundland & Labrador. Century’s vision is to exploit its large property asset base to become one of the country’s largest iron ore producers.

Century has structured a unique strategic formula to pave the way to achieving its vision: It has attracted
WISCO and MinMetals, two of the largest Chinese state-owned enterprises, as equity investors and strategic partners (25% and 5% respectively). WISCO is a further 40% JV investor in individual projects, and these partners have committed to 60‑70% off-take agreements for future product. They will also procure to provide up to 70% of production capex on positive feasibility, in the form of nondilutive debt financing for the Canadian company.

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    Century Iron Mines Corporation Century Iron Mines Corporation Presentation Transcript

    • Century Iron Mines Corporation Corporate Presentation November 2012 The largest iron ore resource (attributed) & iron claims owner & developerwww.centuryiron.com Sustainable Development TSX: FER
    • Forward Looking Statement Except for statements of historical fact, this presentation contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “project”; “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices for metals, the conclusions of detailed feasibility and technical analyses, lower than expected grades and quantities of mineralization and resources, mining rates and recovery rates and the lack of availability of necessary capital, which may not be available to the Corporation on terms acceptable to it or at all, changes in and the effect of government policies with respect to mineral exploration and exploitation, the ability to obtain required permits, delays in exploration and development projects and the possibility of adverse developments in the financial markets generally, potential environmental issues and liabilities associated with exploration and development and mining activities. The Corporation is also subject to the specific risks inherent in the mining business as well as general economic and business conditions. The Corporation undertakes no obligation to update forward-looking information if circumstances or management’s estimates should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. More detailed information about potential factors that could affect financial results is included in the documents that may be filed from time to time with the Canadian securities regulatory authorities by the Corporation.Century Iron Mines Corporation 2
    • Iron Ore Price Trend Update Monthly Average Spot Price (1)  Price pressure: (62%Fe CFR Tianjin)  Construction industry  200 slowdown—result of months of  $122/t (16 Nov, 2012) property price inflation controls 180  Low steel prices squeezing  160 margins on mills 140  Destocking—accelerated by  transformation from CIF spot to  US$ per tonne 120 physical spot 100  No recovery in export markets  80 (especially Europe) 60  Positive outlook:  1 trillion RMB fiscal program  40 announced 20 FOB Spot CRF Tianjin  New leadership continuing  domestic/fixed asset  0 investment‐driven policy Oct-07 Jan-08 Apr-08 Oct-08 Jan-09 Apr-09 Oct-09 Jan-10 Apr-10 Oct-10 Jan-11 Apr-11 Oct-11 Jan-12 Apr-12 Oct-12 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12  Prices still at historic highs  compared with pre‐crisis level (1) FOB annual benchmark price prior to Q4 2008; thereafter CIF spot priceCentury Iron Mines Corporation 3
    • Half the world is growing Crude Steel Production Increase 2011 vs. 2012  China and India (half of  7.00% (Jan – Aug) world production) are  6.00% 5.71% growing and the other  half shrinking overall 5.00%  Developing countries  4.00% taking the lead going  3.00% forward Jan-Aug Jan-Aug Increase 2.00% (‘000 tonnes) 2011 2012 % 1.22% China 470,855 476,615 1.22% 1.00% 0.60% India 47,956 50,696 5.71% -0.49% ROW 493,377 490,948 -0.49% 0.00% Global 1,012,188 1,018,259 0.60% -1.00% China India ROW GlobalCentury Iron Mines Corporation 4
    • Developing CountriesDriving Future Steel Growth Mtpa Over the next 10 years:  Developing economies drive growth ROW China India 2500  Ex-China developing countries contribute 1/3 813 2303 of global growth and > 1/2 of China’s growth 92 164 for the same period 2000  China, though slowing down, still contributes 475 58% of tonnage growth 640 1490 246 1158 1500 51 72 532 683 1000 850 21 57 Other 151 developing 177 500 economies 981 678 735 Developed economies 69 0 2001 2001-2011 2011 2012-2021 2021 (CRU) Growth Growth (CRU)Century Iron Mines Corporation Source: World Steel Association, CRU, Century 5
    • China’s growing reliance on importsBuying 70% of seaborne iron ore Iron ore imports to China as % of total consumption—12-month rolling Under the current comparison Five Year Plan, 90.0% “China targets 80.0% 70.0% to import 50% 60.0% 50.0% of its iron ore 40.0% 30.0% from Chinese- 20.0% 10.0% owned mines 0.0% elsewhere in the world” (CISA) 61.4% 2010-11 61.4 2011-12 65.6%Century Iron Mines Corporation 6
    • Financial Highlights & Capital Structure Financial highlights (Sept. 30, 2012) Cash and cash equivalents $41,442,432 (Closed first WISCO JV, received $20M Sept 27, 2012) Exploration and evaluation assets $42,846,544 Investment in joint venture $59,548,098 Capital structure (Nov 13, 2012) Shares outstanding 94,864,071 Warrants and options (@$2.92) outstanding 8,954,027 Fully diluted 103,818,098 Share Price $1.03 Market capitalization (approximately) $98 million Share structure Founding shareholders and management (voluntary lock-up) 53.94% WISCO (approx. 25%) and MinMetals (5%) – Strategic Partners 30.00% Public shareholders 16.06% Total 100.00%Century Iron Mines Corporation 7
    • Corporate Structure & Project Iron Ore Projects 20Bt resources under management Approx. Approx. WISCO 25% 5% Full Moon International Century Minmetals Resources Exploration & Development Iron Mines Development 3 & Investment Corporation (Luxembourg) Hayot Ltd (PRC) (TSX: FER) Limited S.à.r.l Joyce  $120M 40% 60% 100% 2 to earn in 40% JVs Four projects  60% Off-take acquired from  70% capex to Altius Minerals Inc. fund in debt Joint Venture (TSX: ALS) 4 Champion Iron 40-44% 56-60% 51-65% Augyva Mining 35-49% 4 Mines Ltd. (Note 2) (Note 1) Resources Inc. (TSX: CHM) 100% (TSXV: AUV) Attikamagen Sunny Lake Duncan Lake Project Project Project 2 3 1(in Billions of tonnes) NI 43-101 James Bay Area Hayot Full Moon Duncan Total Resources Measured & indicated - 7.3 Bt 1.1 Bt 8.4 Bt 1 Duncan Lake Inferred 1.7 Bt 8.7 Bt 0.6 Bt 11.0 Bt Note 1: Currently a 51% registered interest has funded to a 65% interest under an option and joint venture agreement with Augyva Mining Resources Inc. Note 2: Currently a 56% registered interest and has funded to a 60% interest under an Option/JV Agreement with Champion Iron Mines Inc. 8
    • Financing Strategy IllustrationA User-Banker Model With Strategic Partner 6000 Production Capex: $5B 5150 Shared pro-rata JV 600 5000 financing with SOE 900 12% in millions of $ Fund source from 18% SOE strategic 4000 partnership 3500 Total project 70% development & 3000 production cost FER financing 2000 Profile raising $600M  BFS 1000  70% debt financing  60-70% product presold 50 100  Lead order of $900M from 0 partner (top up)  FER valuation supported by BFS & very substantial resources/reservesCentury Iron Mines Corporation 9
    • Project Development Roadmap  A strategy of progressive development of 18Bt well located resources  Executed by a mining team with outstanding track record  Targeting a 100Mpta strategic partner & 700Mtpa end user country (conceptual illustration) Full Moon Taconite 30 4 7.3 Bt (M&I) Production Full Moon 8.7 Bt (Inferred) Mtpa Target High Volume 25 3 4 Lac Le Fer DSO 20 15 2 Hayot Taconite DSO DSO 10 1.7Bt (Inferred) Joyce Joyce 18.5km Closest distance 3 5 Target 1mtpa 1 2 Schefferville 1 DSO 0 TSH & 2014 2015 2016 2017 2018 QNSL Rail Labrador Tough to Sept Iles DSO Taconite DSO Taconite project along strikeFrom closest low capex high grade DSO projects (target 2015) to high volume & capex taconiteCentury Iron Mines Corporation 10
    • Schefferville Projects: Location & GeologyProven classic iron formation in a mining camp Adriana (WorldLink & WISCO) Otelnuk MI&I 11.35 Bt @ Deposit* 28.9% Fe (average) 7.3 Bt @ 33.18% Fe (M&I) Labrador 8.7 Bt @ 29.86% Fe (Inf) Trough Central Section, Labrador Trough Knob Lake Group Full Moon Deposit Rainy Lake Section Full Moon: Taconite Sokoman Iron Formation, equivalent to Wabush Iron Formation at South Lac Le Fer Section New Millennium (Tata Steel) Prospect 3: DSO MI&I 3.46 Bt @ 31.24% Attikamagen Hayot 1.72 Bt @ Fe (average) KéMag* 31.25% Fe (average) MI&I 5.13 Bt @ 29.4% LabMag* Joyce Lake: DSO Fe (average) Hayot Lake: Taconite DSO Projects: Tata Steel investing Century’s up to C$300m Schefferville Projects* Information regarding reserves, resources and production capacity are from management and publicly available sources including press releases and NI 43-101 technical reports filed onwww.sedar.com. Century has not confirmed the resource and reserve data and it cannot be relied upon.Century Iron Mines Corporation 11
    • Attikamagen – Joyce Lake: DSOTarget 2015 Production Confirming grades & thickness Selected Composite Assay results L5N L4N L3N L2N Joyce Lake From To Core* Grade L1N Hole No. (m) (m) Length (m) FE% L0 JOY-11-06 3 142 139 52.80 includes 96 138 42 64.19 JOY-11-07 12 93 91 52.46 includes 12 54 42 65.26 JOY-11-23 2 129 127 50.65 includes 48 81 33 61.15 and 102 114 12 66.28 2011: drilled 40 holes totalling 5,159 m * Core lengths are down hole length and not true widths of the mineral zones. More typical grades & thickness Selected Composite Assay results Joyce Lake From To Core* Grade Hole No. (m) (m) Length (m) FE% JOY-12-85 90 132 42 59.80 JOY-12-103 63 102 39 61.02 JOY-12-104 57 123 66 62.75 JOY-12-105 72 93 21 66.40 JOY-12-107 39 75 36 63.52 JOY-12-110A 105 129 24 62.05 JOY-12-111 93 150 57 66.72 JOY-12-117 117 150 33 63.41 2012: drilled 74 holes totalling 7,807 mCentury Iron Mines Corporation 12
    • Drill Sections at Joyce Lake DSO Prospect Line 4+50N Line 4N Line 3+50N OBD Mixed Line 3N TFe 32% Trench near Joy 12-65 Leached DSO TFe > 64% Line 2NCentury Iron Mines Corporation 13
    • Sunny Lake – Lac Le Fer Section (DSO Potential) Prospect #2 Prospect #3 SiO2 Mn SiO2 Sample Fe % Mn % % Sample Fe % % % 5376 48.6 0.05 31.82 5383 56.4 0.36 15.1 5377 41.1 0.06 35.92 5384 59 0.08 15.42 5378 46.9 0.11 22.28 5385 59.5 0.11 13.9 5379 46.6 0.05 31.78 5386 41.4 0.25 37.48 5380 48.5 0.69 31.68 5387 67.1 0.22 1.88 5381 59.7 0.14 2.76 5388 58.4 0.11 10.65 Prospect #4 5391 50.8 0.55 23.4 9957 66.8 0.3 2.06 5392 63.8 0.22 5.91 9958 55.8 0.06 18.54 5394 57.7 0.17 14.08 Prospect #5 5395 59.4 0.11 13.12 9759 43.3 0.21 34.9 5396 58.8 0.22 4.03 9760 43.5 0.03 35.61 5397 63.3 0.17 6.06 9761 60.2 0.06 11.52 5398 62.1 1.83 5.34 9762 58.8 0.24 13.87 5399 57.6 0.28 14.24 Prospect #6 5400 42.8 4.32 28.43 9763 44.9 2.88 34.02 9751 61.2 2.67 6.98 9764 61.5 0.12 7.93 9752 67.4 0.1 2.27 9765 23.8 0.24 59.9 9753 66.6 0.23 3.46 9766 38.3 0.12 40.51 9961 63.1 0.28 7.72 9767 61.5 0.21 2.67 Fe samples > 55%* 9768 56.7 0.09 10.09 * Assay results from 1951 exploration program (M. Tremblay)Century Iron Mines Corporation 14
    • LLF P3 DSO Target, Mag and Gravity LLF P3 DSOLLF-P3-004 Assay result Naturally enriched >62% grade & good thicknessSample Length ID From to TFe % (m)502509 3 9 6 9.48 LLF-P3-004502510 9 12 3 52.5 62.3% FeT/45.0m (ended in IF)502511 12 15 3 56.3502513 15 18 3 58.5502514 18 21 3 60.5502515 21 24 3 60.8502516 24 27 3 64.5502517 27 30 3 64.7502518 30 33 3 64.6502519 33 36 3 65.3 Proposed Holes502520 36 39 3 64.6 Completed Holes Completed Holes502521 39 42 3 64.7502522 42 45 3 66.2502523 45 48 3 65.5502524 48 51 3 67.1502526 51 54 3 58.3Century Iron Mines Corporation 15
    • Full Moon Taconite Deposit, Rainy LakeFirst Resource Estimate by SRK SRK Mineral Resource Estimate Summary (at 20% Fe cutoff – October 22, 2012) Resource category Billion tonnes Grade TFe% Indicated 7.260 30.18 Inferred 8.694 29.86 Resource Highlights  Resource model based on 124 diamond holes on 22,900 meters (out of total 2010-12 total drilling of 30,941 meters over 148 diamond holes;  An update resource estimate to come upon complete results on all holes modeled & analyzed  11km strike length (open both to the north & south of the Deposit) & up to 4km across  Combined true thickness of iron ore units often exceeds 200mCentury Iron Mines Corporation 16
    • Full Moon DepositThicker than usual, better economics 2.75km Section Line 0 29.0% 31.3% 29.1% 30.4% 30.2% 28.4% 27.9% Usual taconite 115m 152m 234m 272m 224m 341m 242m thickness 100m Iron Ore Units Iron Ore Units Iron Ore UnitsCentury Iron Mines Corporation 17
    • Hayot Lake Iron Project Mineral Resource Statement Sept 25, 2012 Volume Quantity Grade Domain (Mm3) Mt SG TFe % Inferred Mineral Resources LC 60.8 178.8 2.94 23.92 JUIF 125.6 414.9 3.31 31.99 URC 162.6 536.3 3.3 32.89 PGC 100.2 328.8 3.28 32.10 LRGC 80.5 264.4 3.28 31.27 TOTAL 529.6 1,723 3.25 31.25 LC JUIF Reported at a cut-off grade of 20% total iron inside a URC conceptual pit envelope optimized considering PGC LRGC reasonable open pit mining, processing and selling technical parameters and costs benchmark against similar taconite iron projects and a selling price of US$110 per dry metric tonne of iron concentrate.Century Iron Mines Corporation 18
    • Further Potential of Altius Projects The Altius iron ore package has been divided into four broad groups based on the geology and iron ore target type:  Schefferville: potential for direct-shipping ore (DSO) comprised of soft red hematite-goethite typical of what was previously mined (and currently being re-opened) in the Schefferville camp; also potential for taconite.  Astray: potential for large resources of taconite as well as DSO comprised of high-grade specularite- rich DSO similar to Sawyer lake.  Menihek: target is large tonnage magnetite-rich taconite similar in structure and geological setting to the large Labmag/Kemag deposits to the north.  Grenville: targets are polydeformed, recrystallized magnetite-specularite taconite akin to the deposits mined by IOCC at Carol Lake.Century Iron Mines Corporation 19
    • Transportation – Iron Projects in Labrador Trough  QNS&L (Common Carrier) runs 573km from Schefferville to Sept-Iles Full Moon Adriana (WISCO) Lac Le Fer  Attikamagen to Schefferville: 15km Sunny Lake (from the closest point) Attikamagen Joyce & Hayot  Joyce Lake targets 1-3Mtpa DSO Schefferville • Using existing Railroad Altius Projects infrastructures: QNS&L à, TSR Ross Bay  Rainy Lake (Full Moon) targets Junction Labrador City 20Mtpa+ Mont-Wright Sept-Iles Pointe-Noire Port-Cartier Railway Distance: Schefferville to Ross Bay Junction: 217 km Ross Bay Junction to Sept-Iles: 356 km Labrador City to Ross Bay Jct: 58 km 0 50 100 km Mont-Wright to Port Cartier: 400 kmCentury Iron Mines Corporation 20
    • Port of Sept-Iles: 50Mtpa Expansion  Largest iron ore exporting port in Canada - 25.1Mt in 2010 compared to 19.2Mt in 2009  Port Zone consists of a 10 km sheltered port zone, with a natural ocean basin for ships up to IOC Port 400,000 dwt Multi user Berth By Port of Sept Iles  Main port is over 23.2 m in depth  Accommodates Capesize or larger vessels Alumina Plant  Fully equipped, can be operated year-round  50Mtpa $220M expansion plan to be completed in 2014 with more than $100M in commitments • Natural shelters, deep water for from miners and governments, year-round access by iron ore 0 500 m ships $55M from federal government • Ability to expand as requiredCentury Iron Mines Corporation 21
    • Duncan Lake Iron Project Well-Established Infrastructure  10 km south of LG2 regional airport  50 km south of Radisson  Hydro Quebec’s LG1 & LG2 within 100 km  120 km (approx.) from James Bay  Highway 109 connects Matagami and Radisson through the property Mineral Resource Estimate Summary (at 16% Fe cutoff – updated Aug 27, 2012) Duncan Project Resource Million Grade category tonnes % Measured 406 23.9 Indicated 645 24.7 Subtotal 1,050 24.4 Inferred 563 24.7Century Iron Mines Corporation 22
    • Duncan Lake Project – Land Transportation Kuujjuaraapik Pipeline Solution in a Robert-Bourassa, the world’s 10th - (about 200km) largest hydroelectric power plant Well-Studied Area  A planned 150km slurry pipeline1 between the hydro plant in Radisson and the slurry receptor LG2 plant on James Bay. LG1  Based on historic data and compared with similar existing pipeline systems in commercial DUNCAN operations, the operating cost is PROJECT estimated at US$1.00~1.25 per tonne2  Quebec government plans identify a proposed nearby deep- water port location at Kuujjuaraapik Note: 1) Where the pipeline crosses junctions or rivers, it will be constructed (200km north of Duncan Project) above-ground with insulation or heat tracing techniques to reduce the negative operational impact of extreme cold. 2) Based on publicly available sources and management calculations.Century Iron Mines Corporation 23
    • Duncan Lake Project – Oceanic Shipping Shipping Considerations  Commercial shipping in Hudson Bay has been well established for 70+ years (e.g. Port of Churchill)  James Bay water depths permit deep-sea marine terminal for Capesize vessels, 80- 100 metres in Hudson Bay.  Up to 150 days of ice-free shipping, year- round shipping with ice class vessels  Possible future direct North-West Passage to Asia Kuujjuaraapik Ongoing Studies  Identified two locations for port site  Extensive shipping study is underway  Partnering with shipping and engineering companies to work out logistic optionsCentury Iron Mines Corporation 24
    • 2012-3 Exploration Milestones2015 Target Production: Joyce Meters  Meters to  production from other targets thereafter 2015 Production from Joyce enhancing Resources  Project Completed   complete in  PEA calculation target (September) 2012  1.05(M+I)+.56(I) Bt Duncan 54,306 Completed Aug 27, 2012 Q4 / Q1 2013 7.3 (M+I)+8.7 (I) Bt Full Moon 26,187 2,500 Oct 22, 2012  Q2‐Q3 2013 Update Q1 2013 Joyce Lake DSO 13,329 1,000 Q4 2013 LLF P3 DSO 826 7,000 * 2013 2013 1.72Bt (I) To be developed with  Hayot Taconite 6,286 Completed Sept 25, 2012 Full Moon in concert Altius Gravity, EM, mapping and orientation drilling Simultaneous parallel exploration / development strategy Achieving near-term cash flow & enhancing future world scale development of taconite / magnetite * Planned meters subject to agreement with local First Nations and to be executed over fall 2012 to 2013Century Iron Mines Corporation 25
    • Management For SuccessMine development & logistics in place 2012 for 2015 production Ghislain Arel, Mine Development Hubert Vallee Core competence, expertise SPV, Mine Development & Logistics and successful experience Robert Girardin, Logistics Ivan Wong, CFOSandy Chim Ricky Chan, VP, Planning & Operations President & CEO Claude Britt, Chief Geologist Michael Skutezky, General Counsel & Corporate Secretary Bob Leshchyshen, VP, IR & Corporate Development New iron ore mine Iron ore mining & Resource discovery China steel mill & Capital market & development logistic operation & development iron ore trading building materialsCentury Iron Mines Corporation 26
    • Enterprise Value Building Highlights  EV per tonne in-situ under favourable conditions: • Secured off take (60-70%) – captive end-user market • Leverage on capex in place (up to 70% debt) – end-user as banker • Chinese SOEs strategic partners – equity & JV asset interests  Multi-billion tonne resources & growing (starting with 1.6Bt) • Largest claimholding in proven world class iron ore camp • With near-term production of target 2015 from 1 Mtpa • With resource backing expansion to 20 Mtpa and beyond  Strong strategic partners: WISCO & Minmetal – unusual sponsorship of 2 Global Fortune 500 Chinese SOEs – equity, debt & market support  A development company with an A team of Canadian iron ore development & mining expertise executing and targeting near-term production & cash flowCentury Iron Mines Corporation 27
    • Comparable Table(based on attributable resources) Iron Ore Industry in Labrador Trough FE  EV P&P FE With NI43‐101 Resources Close Market Enterprise M&I EV/ Total* EV/ Stock 14‐Nov                52  week Shares Cap Value mils FE mils FE symbol Name 2012 Low High O/S (mils) $mils ($mils) tonnes tonne tonnes tonne ADV Alderon Resource Corp. $1.46 $1.41 $3.83 129.9 $189.7 $172.4 333.5 $0.517 415.3 $0.415 NML New Millennium Capital Corp. (2) $1.21 $1.14 $3.23 178.3 $215.7 $116.1 1,759.3 $0.066 2,326.5 $0.050 CHM Champion Iron Mines Ltd. (3) $0.46 $0.47 $2.27 119.3 $54.9 $28.9 172.5 $0.168 1,842.1 $0.016 ADI Adriana Resources Inc. (1) $0.43 $0.43 $1.38 157.5 $66.9 $19.1 1,314.0 $0.015 2,820.6 $0.007 FEO Oceanic Iron Ore Corp. $0.16 $0.13 $0.45 174.7 $27.1 $25.0 848.2 $0.029 911.9 $0.027 $554.4 $361.5 4,427.5 $0.082 8,316.4 $0.043 FER Century Iron Mines Corp. (4) $1.05 $0.92 $2.35 94.9 $99.6 $45.2 1,414.5 $0.032 3,220.1 $0.014 * Total includes Proven and Probable, Measure and Indicated and Inferred Resources. (1) Adriana: Wisco has 60% interest in the property (2) New Millennium: Tata Steel has 80% interest in all the properties except Lac Ritchie (3) Champion: Century and WISCO together have 60% interest in Hayot Lake property. (4) Centruy: Champion Iron Mines has 40% interest in Hayot Lake, Augyva Mining Resources has 35% in Duncan Lake  and WISCO has 40% interest in all of the properties.Century Iron Mines Corporation Prepared by: Bob Leshchyshen, MBA, CFA 28
    • Contact Information Century Iron Mines Corp. Bob Leshchyshen VP, Corporate Development and IR (416) 977-3188 Ext. 109 bob.leshchyshen@centuryiron.com CHF Investor Relations Robin Cook Senior Account Manager (416) 868-1079 Ext. 228 robin@chfir.comCentury Iron Mines Corporation 29