RE:Multi-use rail feasibility study coming soonfrom Cia lastest MD&A
"Rail Solution The Company is the general partner and a limited partner in La Socit ferroviaire du Nord qubcois, socit en commandite (“SFNQ”). The other limited partners in SFNQ are the Government of Qubec and Lac Otelnuk Mining Ltd., a joint arrangement between Adriana Resources Inc. and WISCO International Resources Development & Investment Limited. SFNQ was formed as a partnership of government and industry to complete a feasibility study for the construction of a new multi-user rail link giving mining projects in the Labrador Trough access to the port at Sept-les at the lowest possible cost. The Government of Qubec has set aside a maximum of $20,000,000 from its Plan Nord Fund to contribute to SFNQ, while the Company’s contribution consisted of previously incurred costs of $5,576,823.
SFNQ completed the tender process for a Feasibility study on the first phase of a new multi-user railway that would link the new Pointe Noire port facilities at the Port of Sept-Iles to Fire Lake North and other miners in the Fermont area. The contract was awarded to Canarail Consultants Inc. (“Canarail”). The contract was amended to include the phase 1B segment extending the proposed rail from Fire Lake North to Bloom Lake allowing access to a greater number of potential users in the Labrador Trough.
The Feasibility Study for both Phase 1A and Phase 1B are scheduled to be delivered before year-end