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Wisco has invested $20 million in the scheme.
Century’s interest in the Attikamagen Project is held by its subsidiary, Labec Century Iron Ore Inc which holds a 56% interest in the project as part of its joint venture with Champion Iron Mines.
“We have again achieved a significant milestone in the development of Century’s business with the assistance of our strategic partner, Wisco International,” said Sandy Chim, president and ceo of Century Iron Mines Corp.
“Today’s formation of the joint venture and the $20 million investment by Wisco International is a continued demonstration of Wisco’s support for Century’s iron ore projects and its business strategy as well as the development of iron ore projects in the provinces of Quebec and Newfoundland & Labrador, Canada,” he added.
“The proceeds of Wisco International’s investment will be used partly to cover a portion of our exploration expenses incurred so far in accordance with the Attikamagen Joint Venture Agreement and to continue to advance the Attikamagen Project through our joint venture with Champion,” he concluded.