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Labrador Iron MinesHoldings Limited |
TSX: LIM |
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Common Shares
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Labrador Iron Mines Holdings Limited (TSX: LIM) is focused on the development and production of the Schefferville Projects located in western Labrador and north eastern Quebec. The projects comprise 20 direct shipping ("DSO") iron ore deposits forming part of the historic Schefferville area iron ore district where mining of adjacent deposits was previously carried out by the Iron Ore Company of Canada from 1954 to 1982. LIM plans mining in varying stages, the first of which comprises the James and Redmond deposits located in close proximity to existing infrastructure. The Company has made significant strides in 2011 during this start-up year, towards full scale mining operations at the James Mine. On June 29, 2011 the first loaded iron ore train departed Silver Yards for the Port of Sept-Iles travelling over the TSH and QNS&L railways. This historic event marked the first commercial iron ore train from the Schefferville area in almost 30 years. At September 30, 2011, the Company had $37.9 million in unrestricted cash and cash equivalents and $7.5 million in restricted cash. Subsequent to the end of that quarter the Company began to generate cash proceeds from the first shipments of iron ore.
Photograph shows the James mine
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