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August 02, 2015 5:11 AM ET

Diversified Financial Services

Company Overview of Cartier Iron Corporation

Company Overview

Cartier Iron Corporation, an exploration stage company, engages in the acquisition, exploration, and development of mineral resource properties in Canada. The company holds a 100% interest in the Borel River iron ore property, which consists of 108 claims covering an area of approximately 4,459 hectares and is located in northern Quebec. It also holds an option to acquire 65% interest in the Gagnon Holdings comprising 378 claims covering an area of approximately 200.24 square kilometers and is located in the southern Labrador Trough, northeastern Quebec. The company was formerly known as Northfield Metals Inc. and changed its name to Cartier Iron Corporation in January 2013. Cartier Iron Cor...

20 Adelaide Street East

Suite 301

Toronto, ON M5C 1K6

Canada

Phone:

416-360-8006

Fax:

416-361-1333

Key Executives for Cartier Iron Corporation

Chief Executive Officer and Director
Age: 60
President and Director
Chief Financial Officer
Age: 59
Vice-President of Finance and Treasurer
Age: 42
Vice President and Secretary
Compensation as of Fiscal Year 2015.

Cartier Iron Corporation Key Developments

Cartier Iron Corporation, Annual General Meeting, Jun 30, 2015

Cartier Iron Corporation, Annual General Meeting, Jun 30, 2015., at 13:00 US Eastern Standard Time. Location: Suite 200. Agenda: To receive and consider the financial statements of the corporation for the year ended December 31, 2014 and 2013, together with the auditors' report thereon; to pass, with or without variation, a resolution reappointing Collins Barrow Toronto LLP, Chartered Accountants, as the auditors of the corporation and authorizing the directors to fix the terms of engagement and remuneration for such auditors; to elect as directors for the forthcoming year the nominees proposed by the management of the corporation; and to transact such further or other business as may properly come before the meeting or any adjournment thereof.

Cartier Iron Corporation Auditor Raises 'Going Concern' Doubt

Cartier Iron Corporation filed its Annual on Apr 30, 2015 for the period ending Dec 31, 2014. In this report its auditor, Collins Barrow LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Cartier Iron Corporation Announces Update on Metallurgical Tests Conducted on Lac Penguin Deposit

Cartier Iron Corporation announced findings from metallurgical tests that have been directed towards establishing a base-case flow sheet for processing of material from the Lac Penguin deposit. This test work is being carried out by SGS Laboratories (SGS) of Quebec (QC), as part of a Preliminary Economic Assessment of the Lac Penguin Project, which hosts an in-pit Inferred Resource of 531 million tonnes grading 33% Total Iron, at a 15% cut-off grade. Test results to date indicate that iron resources at the Lac Penguin deposit will be most efficiently liberated by a 2-stage process following initial grinding: 1) a gravimetric separation to recover a course fraction of the iron, followed by; 2) a regrinding and magnetic separation of the tailings material reporting from the first stage. The second-stage process will yield iron-fines that will be blended with the coarser material from the first-stage to produce a final sinter product. The metallurgical tests were targeted towards producing a concentrate of 65% iron (Fe) and less than 4.5% silica (SiO2) from an average sample-grade of 30% Fe. Stage-1 gravimetric separation tests by Wilfley Table on 18 samples returned average grades of 65.3% Fe, 4.5% SiO2 and 1.1% MgO. Recoveries from these gravimetric tests were ±60% at a grind size of +212 microns. Equivalent levels of recovery could also be achieved at +425 micron grind-size, according to previous test work. To maximize the efficiency of the stage-1 process, further testing is being carried out by SGS to determine the optimal balance between recovery level and grind-size to achieve the most efficient liberation for gravity concentration. Stage-1 recovery levels as low as 30% will be considered in the course of these pending tests. Iron concentrate of similar grade (65% Fe and less than 4.5% SiO2) will be sought from the second-stage regrinding and magnetic separation process. Additional tests to determine the process model for optimal second-stage iron recovery are on-going. Overall iron recoveries of greater than 80% are targeted for the 2-stage circuit. The maximum grade of 4.5% SiO2 for the Lac Penguin concentrate is a value-level imposed by Cartier Iron, guided by today’s selective-market requirement for the highest-quality iron concentrate. Many of the world’s sources of iron concentrate are problematic from a quality perspective, being relatively high in silica, phosphorous, alumina and other elements that are deleterious to blast furnace performance and steel quality. By contrast, iron deposits in the southern Labrador Trough, such as Lac Penguin, are well known for their inherently low deleterious element content and concentrates from such deposits are considered of premium quality by the industry.

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