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Century Iron Mines Up 4% As Partners with Altius Minerals to Develop 4 Labrador Properties

Century Iron Mines Corporation (FER.TO) went up by as much as 4% after announcing that it has signed a principal agreement and a royalty agreement with Altius Minerals Corporation (ALS.TO), covering 4 of Altius' regional iron ore projects in the Labrador Trough: Astray, Grenville, Menihek and Schefferville.

Under the agreements, the company said it will acquire a 100% interest in the 4 projects for exploration expenditures of $7 million per project and the issuance of 5 million Century shares cumulatively over a 5-year period.

ALS shares are now higher by less than 1%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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