The Isua project is located approximately 140km northeast of Nuuk, the capital city of Greenland, and about 155km south of the Arctic Circle.

A prefeasibility study has now been completed for the Isua Project. This has determined that the project could be built for an estimated capex of USD1.74 billion (+/- 25%), complete with all the supporting facilities necessary to produce 5Mtpa of 70.8% DR pellet feed. It was shown that a 23 year life-of-mine project can be operated at an average annual cost of USD37/tonne.  A desk top scoping study has also been completed which shows that the economics of the Isua project are greatly improved if a 10Mtpa operation is considered producing a high grade, low impurity, blast furnace pellet feed concentrate that can also feed HYL-type DRI plants. If this alternative configuration is considered, the operating cost could be reduced to USD27/t with estimated capex of USD2.4 billion. London Mining plans to undertake a prefeasibility study on an enlarged operation which it expects to complete during Q2 2010.

The Isua deposit is made of a magnetite-rich banded iron formation, intruded by basaltic and dolerite dykes and sills, with a greenstone schist on the footwall and quartzite on the hanging wall. In January 2006, IMC Group Consultants Ltd (IMC) estimated total JORC resources of 880Mt averaging 34% Fe, including an open pit resource of 81Mt averaging 33% Fe. In December 2009 Snowden announced an updated resource considering the portion of the orebody that could be mined using surface mining methods. Total JORC resources currently stand at 574Mt grading 37% Fe including 114Mt grading 37% in the indicated category and 460Mt grading 37% in the inferred category