March 16, 2009. Toronto, Ontario - Labrador Iron Mines Holdings Limited (TSX: LIR) reports that the Department of Environment and Conservation of Newfoundland and Labrador has completed its review of the Company's Environmental Impact Statement ("EIS") of its Schefferville Area Iron Ore Project (the "Project") located in western Labrador, near the town of Schefferville, Quebec, submitted on December 19, 2008.
The Minister of Environment and Conservation has requested some additional information to supplement the EIS relating to the potential use of the area by woodland caribou, clarification on
residue disposal options and surface water protection, together with additional details on mitigative measures and clarification of storm water management proposals. No additional field work will
be required to submit the requested information, most of which has already been collected by the Company.
The Canadian Environmental Assessment Agency ("CEAA") has also completed its review of the Project and has determined that a federal level Canadian Environmental Assessment is not required. This decision was made following the recent receipt of a determination by the Department of Fisheries and Oceans, that a Harmful Alteration, Disruption, or Destruction authorization will not be required for the Project. Other federal agencies, including Environment Canada, Transport Canada, Natural Resources Canada, Health Canada and the Canadian Transportation Agency, have also completed their reviews and confirmed that they had no triggers for a federal level environmental assessment. In addition, the Major Projects Management Office
has declared that the Project does not constitute a major natural resources project.
Following submission of the requested additional information to the Department of Environment and Conservation of Newfoundland and Labrador, a further public and ministerial review period is
required by law. This further review period, together with the time to prepare the submission, is likely to take in the order of 100 days, and this may limit the scope of work that the Company will
be able to carry out in the 2009 summer season. Assuming timely receipt of Project approval and permitting from the Province by mid-summer, the Company expects to be in a position to initiate
construction and development work during 2009 in preparation for the start of full commercial production in the spring of 2010. The Company had hoped to be able to commence initial production and deliver its first shipment of iron ore towards the end of the 2009 working season. |
