Anita Project Niobium-Tantalum Mine, Canada

The Anita project priority niobium tantalum project located Lac Saint-Jean region Quebec. mine 100% owned Les Mineraux Crevier. Canadian company MDN currently owns 28.75% MCI.

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The project announced April 2009. then MDN invested $2.4m committed additional $13.5m fund development feasibility study. Within period MDN option acquire majority stake MCI.

The project currently metallurgy testing stage. potential operate mine pit mine 18 years being assessed. Preliminary flow sheet designs pit flotation plant lixiviation processes infrastructure completed.

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Estimates project's operating costs capital expenditures processing operation costs tailing treatment costs overhead costs made. bulk sample nearly 70t sent testing information treatment processing costs niobium tantalum.

The mine commercial production 2012-13. pre-feasibility confirm economic parameters project scheduled 2010. Depending results study construction project scheduled 2012.

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Background

"The mine contains approximately 25.75mt indicated reserves depth 250m."

The deposit originally discovered 1975 SOQUEM. 1975 1986 SOQUEM carried phases exploration drilling programmes conducted intersecting 72 holes. SOQUEM privatised mine transferred Cambior. Operations mine stopped 2002 Cambior carried drilling campaigns depth 6,000m totalling 33 holes. Camboir sold IAMGOLD 2006. April 2008 IAMGOLD sold property MCI.

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Reserves

The mine contains approximately 25.75mt indicated reserves depth 250m. additional 16.88mt inferred resources estimated 250m 350m. reserves stated assumed cut-off grade 1,000g/t Nb.

Production

When operational mine expected 1.2 million kilograms niobium oxide 115,000kg tantalum oxide / K-salt year.

Drilling

The mine underwent diamond drilling programme ending October 2009. Completed depth 5,500m drilling undertaken indicated resources probable category proven category. drilling explore establish intersections high-grade value towards body. include intercepted drill holes intersected mine discovered.

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Contractors

The contract perform project's scoping awarded Canada-based engineering firm Met-Chem. Analysis development project undertaken companies including SGS Geostat resource qualification Hatch COREM metallurgical studies treatment process evaluation Golder providing data baselines regarding environmental impact Roche conducting preliminary assessment infrastructures.

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UK-based metal consulting firm Roskill Consulting awarded contract conducting market niobium tantalum. contract includes estimating demand pricing consumption trends metals. reveal market pricing prospects metal production begins 2012-13.

Other contracts definition drilling assay results topographical maps production on-site project coordination awarded Forages Mario Rouillier ACTLAB MIR Teledetection IOS Services Geoscientifiques respectively.

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Agreement IAMGOLD

MCI entered into preliminary agreement IAMGOLD sell entire niobium oxide production. IAMGOLD 37.5% stakeholder MCI buy mine production throughout mine.

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