Grand River Ironsands (GRI) continues to aggressively advance an enormous mineral sands (iron) resource that is the basis for a low cost-high purity iron product - cast iron, pig iron, iron ingots, etc. The immediate targets are - to satisfy the requirements of resource delineation, determine the grade of the iron products, the cost metrics, and the permitting to advance construction. GRI is committed to proving this iron product can be produced in the top 10% globally for low cost, and top of the class environmentally.
Targeted Cast Iron Grade - Fe 95-96%; C 3.5-4.0%; Si 0.18%; S 0.05%; P 0.03%; Mn <0.01%; Ti <0.01
Top 2011 Priorities
1. Secure $25 million (over 3 Phases) in a Joint Venture to advance project to Bankable Feasibility Study (for mining and iron making) - ANNOUNCED
2. Secure $2 million in general working capital - $2.2 Million Closed in April 2011
3. Inferred Resource Delineation on new claims (200 new drilled holes during winter - with over 400 in total) - AWAITING DRILL RESULTS FROM 2011 PROGRAM
4. Summer Drill Program - Continued resource delineation (Measured and Indicated); Increased GeoPhysics (AeroMags and LIDAR) on the majority of 500+ square kms of claims (COMPLETED);
200 tonne Bulk Sample for Melt test. UNDERWAY and to be COMPLETED February 2012
5. Community Development Program - UNDERWAY
6. Results of Iron Making Melt Tests - Planned Q2 2012
7. Secure Off-Take Commitments - Focusing on those that value the environmental benefits of "Green" Cast Iron/Ingots - in discussions with steel mills, foundries and traders
8. Establish potential sites for iron making plant (low cost hydro electricty (125 MW), port, community and infrastructure, local and government motivation for economic development) - UNDERWAY.
9. Advance preliminary financial cost model - iron ore concentrate at $25/tonne; high purity cast iron at $200/tonne - first phase production with 500,000 tpa of iron. CapEx of Phase 1 is $400 million - mining and iron making.
10. Initiate Environmental Permitting Process for Mining (iron ore concentrate) with potential for iron making locally and elsewhere.
