PDAC-Oceanic Iron's shipborne strategy sets it apart

Tue Mar 5, 2013 12:50pm EST
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* Oceanic's project is located near Quebec's north coast

* Development plan unaffected by mothballed rail project

* Feasibility study for Hopes Advance project in progress

* Port would ship iron ore concentrate year-round

* Talks with potential partners are underway, Oceanic says

By Allison Martell

TORONTO, March 5 (Reuters) - For the dozens of junior miners with properties along the iron belt of Eastern Canada, rail is the key to unlocking the potential of their remote assets. Oceanic Iron Ore Corp is one of the few exceptions.

Oceanic's Hopes Advance project is near Quebec's northern coast, more than 1,500 kilometers (938 miles) north of Montreal, and the TSX Venture-listed company plans to build a port, not a rail line, to transport its iron ore to market.

That self-sufficiency is a big advantage, the company says. Several juniors operating in the so-called Labrador Trough - a geological formation sprawling across northeastern Quebec's border with the province of Newfoundland and Labrador - were counting on Canadian National Railway Co building a line to transport their ore to a St. Lawrence River port hundreds of kilometers to the south. CNR mothballed the plan in February.   Continued...