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Hopes Advance on new iron ore project in Nunavik

November 21, 2012

Tiny Oceanic Iron Ore Corp (ticker FEO on TSX) has cobbled together an attractive project to mine iron ore near tide water on Ungava Bay.

Oceanic Iron Ore’s Hopes Advance project is located on Ungava Bay, in the far north of Quebec (area called Nunavik). The project is interesting for a number of reasons:


The Hopes Advance project seems compelling on paper. There is the excitement of a large project that could involve billions of dollars of investment and hundreds of good-paying jobs. However, $3 billion is a lot of money to invest in a weak global economy, ie. the project is risky. The Oceanic shareholders may be the beneficiaries if they can find a party willing to pony up some or all of the $3 billion.