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Market: TSX
Sector: General Mining
Epic: TSX:LIR
News: Latest news
Web Site: Labrador Iron Mines
Other Articles: 06-05-201001-04-201017-12-2009

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Labrador Iron Mines

Labrador Iron Mines

Labrador Iron Mines was established to explore and develop "direct shipping" iron ore deposits on properties in which it holds interests located in the Labrador Trough, in the province of Newfoundland and Labrador near Schefferville, Quebec.

The Company's properties in Labrador are part of the historic Schefferville iron ore district from which over 150 million tons of direct shipping iron ore was previously mined by the Iron Ore Company of Canada from 1954 to 1982.

Tuesday, June 30, 2009

Labrador Iron Mines 2009 field work program underway

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Labrador Iron Mines Holdings Ltd (TSX: LIM) announces that the 2009 field work season is underway at its Schefferville iron ore project in Western Labrador. The program is focused on mine planning for production start-up targeted for mid-2010.

The 2009 program which commenced on June 3 2009 will comprise a total of 6,000 metres of drilling, including some infill drilling identified from the 2008 program and comprehensive drilling on other zones that were not substantially drilled in 2008.

In addition, a 3,000 metres trenching and sampling program will be carried out in conjunction on these areas to determine the width of the various mineralized zones.

The data will provide confirmation and update the historical resource base previously estimated by Iron Ore Co. Based on the new data generated during the 2009 program combined with the results from the 2008 work program, a NI 43-101 compliant resource estimate will be compiled.

Assuming the relevant permits and licenses are issued during the third quarter of the 2009 calendar year, Labrador Iron Mines is currently planning, assuming future iron ore prices are favourable, to commence initial site construction during the fall of 2009. This program will enable it to install and test its major transport facilities ahead of commercial production in 2010.

The company also reported that it has filed its audited financial statements for the fiscal year ended March 31 2009.  As at that date, it had a strong cash position of C$35.2 million, with no borrowings or debt.

The group believes it has sufficient funding to undertake its planned exploration and development programs during the year and place the first phase of its Schefferville area direct shipping iron ore project in Western Labrador into production.

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