NLIS 2
July 4, 2005
(Natural Resources)
 

Minister says no project proposal submitted to government on Labrador ore

Ed Byrne, Minister of Natural Resources, said today government has not received any proposal from New Millenium Capital Corp. on the potential development of an iron ore project near in Labrador near Schefferville. Minister Byrne responded today to media reports on the potential development of this resource and the company�s plans to ship concentrated ore from Labrador to a processing facility outside of the province.

"While New Millenium Capital did make a preliminary presentation to government, the company has yet to come forward with a formal proposal for the development of this resource," said Minister Byrne. "And I was very emphatic in my discussion with this company that shipping iron ore concentrate out of Labrador was definitely not in line with this government�s position on the exploitation of our resources."

According to provincial government legislation, namely the Mining Act, when a proponent receives a mining lease, it is required to receive ministerial approval on how it proposes to develop any mining project in the province at least six months prior to the start of production.

"At this point, we consider this project nothing more than an advanced exploration project; there has not been any application for a mining lease. Furthermore, there have not been any negotiations with my office nor with the premier�s office on this project," said Minister Byrne.

"As a government, we have taken a firm stand on the development of our natural resources - whether its our oil, natural gas, hydro or mineral resources," added Minister Byrne. "Any company that has any intention to develop these resources should clearly understand our government is committed to maximizing as many benefits as we can from our renewable and non-renewable resources. We will not accept anything less."

Media contact: Carmel Turpin, Communications, (709) 729-5282, (709) 685-4624

2005 07 04                                11:55 a.m.


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