UNION GLORY EXPLORATION LTD. and its wholly owned subsidiary, UNION GLORY IRON ORE LTD. both Canadian incorporated companies were established to own and to develop direct shipping iron ore deposits on 22 mining properties located near Schefferville, Québec, and Newfoundland and Labrador, Canada.
The Schefferville properties are well known iron ore projects historically developed by the Iron Ore Company of Canada (“IOCC”). These properties have produced in excess of 150 million tons of lump and fine ore between 1954 and 1982. It is estimated that there are no less than 146 million tons of recoverable iron ore reserves remaining with additional tonnage estimates to be determined.
The mining leases are held by Hollinger North Shore Exploration Ltd. (“Hollinger”) and are registered with the Ministry of Natural Resources of Québec. Union Glory has acquired the rights to develop and to produce upon these mining leases by way of a sublease with Hollinger dated October 12, 2007.
Prior to acquiring these mining leases, Union Glory commissioned Skycomtech Resources Inc. (“Skycomtech”) to produce a feasibility and viability study on the mining leases. Skycomtech is a natural resource consulting company based in Toronto.
Skycomtech submitted a Business Plan in October of 2007 using information supplied by various consulting companies, namely Earth Tech Canada, Hatch Mott Macdonald of Montreal, La Flame Mineral Processing Consultant of Montreal, Grand Engineering Inc. of Toronto, Fontneau Resources Inc. as well as Skycomtech’s own research and due diligence.
Union Glory’s business plan and strategy are developed relying on the information provided by Hollinger, IOCC and Skycomtech as well as on information derived from Union Glory’s own due diligence process.
In January of 2008, Union Glory commissioned Louis Archambault of Groupe-conseil Entraco Inc (“Entraco”) to organize a visit to Schefferville. Two major objectives were met during the three day visit at Schefferville: Firstly, to introduce Union Glory’s representative Mr. Rudolf Novotny to the municipal and First Nation authorities in the area and secondly, to identify and locate the mining properties belonging to Hollinger. Union Glory was able to successfully gather hands-on information as part of its ongoing due diligence process.