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Press Release – LABRADOR IRON MINES REPORTS FISCAL YEAR-END RESULTS AND PROVIDES 2014 UPDATE
Development Plans for Flagship Houston Project Well Advanced
Toronto, Ontario, July 2, 2014. Labrador Iron Mines Holdings Limited (“LIM” or the “Company”) (TSX: LIM) today reports its operating and audited financial results for the fiscal year ended March 31, 2014 and provides an update on plans for its 2014 season.
UPDATE ON THE 2014 OPERATING SEASON
“While LIM achieved its sales target of a total of approximately 1.7 million wet metric tonnes of iron ore for the 2013 operating season, this was achieved at the expense of product quality as mining went deeper in the James mine open pit and both the grade and consistency of the ore began to fall” commented John Kearney, Chairman & CEO.
“These ore quality problems in 2013, together with significant capital invested during that year, put considerable strain on LIM’s cash resources and LIM now needs new external investment to enable the Company to continue operations, to bring the bigger and long-life Houston Project into production and to meet its corporate and administrative expenses.”
Rod Cooper, President & COO, added “LIM is currently not planning for any mining or processing activity in 2014, which is planned instead to be a development year for the Company. For the balance of 2014, we are focusing on developing our flagship Houston Mine and, subject to completion of financing and negotiation of major contracts, we are working to be in a position to begin mining production from Houston in April 2015.”
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