Adriana Resources Inc, a giant sized iron mine in Nunavik, which will produce two times more iron over its lifetime than Nunavut's Mary River mine, announced that its economic assessment looks good.

Adriana Resources Inc said that it had received positive results from a Preliminary Economic Assessment for a 50 million tonnes per year operation on the Lac Otelnuk iron ore project.

Adriana's USD 8.5 billion JV project with China's Wuhan Iron and Steel Co Limited to develop the mine may produce 50 million tonnes of iron a year for up to 100 years.

Mr Allen J Palmiere CEO of Adriana said that "We are encouraged by the robust economics demonstrated by the Preliminary Economic Assessment for the Lac Otelnuk Project. The possible combination of a strong strategic partner and robust economics provides the ability to realize upon the value represented by the largest iron ore deposit in Canada. Lac Otelnuk has the potential of being the largest mining project in Canadian history and the largest private investment in the history of Quebec. We are excited about the future and look forward to advancing the project."

Basing its forecasts on an iron price of study USD 100 per tonne of pellets from Sept Îles, the study confirms that the mine's production is worth USD 15.2 billion.

(Sourced from www.nunatsiaqonline.ca)