The move will allow the company to complete the applications for permits and regulatory approvals for the construction of mine infrastructure and related facilities to begin construction at the Houston deposits planned early this year.
Stage 2 comprises the development of the Houston deposits, which has now completed environmental assessment and is moving to the permitting, development and construction phase.
The Houston deposits are situated in Labrador about 15 km southeast of LIM’s currently operating James Mine and Silver Yards Processing Plant and 20 km from Schefferville, Quebec.
The Houston deposits have a combined measured and indicated resource of 22.1 million tons at an average grade of 57.3% Fe.
It is expected that initial mine development at the Houston deposit, including construction of a haulage road, a railway siding and pre-stripping of the ore will commence in the fall of 2012, with production of ore, including in-pit dry crushing and screening, in the second half of 2013.
