Northern Iron Corp. Launches 2015 Field Season at Griffith Mine
25 February 2015
Northern Iron Corp. ("Northern Iron" or the "Company") (NFE) (N8I.F) today announced the start of the 2015 field season on the past producing Griffith Mine in north-western Ontario. The work program will encompass ground geophysical surveying over the southern extension of the north pit and will encompass seventeen lines measuring approximately fourteen kilometers.
Basil Botha, President and CEO, commented: "This geophysical work will provide additional geological information as a first step in planned definition drilling on this portion of the deposit, between the North and South pits. Drilling is expected to start in the spring of 2015."
The field programme is supervised by Toby Hughes, P. Geo., who is the Qualified Person for Northern Iron Corporation under NI 43-101.
About Northern Iron Corp.
Northern Iron is an owner of five iron (magnetite) properties in the Red Lake District in the Province of Ontario. The Red Lake District is an established mining area in Ontario where Northern Iron has two near term development projects, the past producing Griffith mine and the Karas property.
Northern Iron is currently working towards the production of Hot Briquetted Iron (HBI), a transportable form of direct reduced iron. HBI is complementary and a viable metallic supplement to scrap steel. Quality scrap is a critical raw material in the steel making process. With the diminishing supply of quality scrap steel and ever increasing market demand, steel producers around the world will be looking to secure alternative supplies of metallic products.
As part of the business plan, Northern Iron has acquired the past producing Griffith mine, which produced pellets and sponge iron (Direct Reduced Iron/DRI) from 1968 to 1986. The mine was owned and operated by STELCO and supplied pellets and sponge iron to the Hamilton and Nanticoke steel mills in Ontario.
Transportation infrastructure is currently in place to ship produced HBI into the North American market via rail and lake barges and into Asian markets via rail through the port of Prince Rupert. Existing infrastructure includes all weather roads, 115kV power line, natural gas line, rail bed and port facilities.
To date, Northern Iron has focused on de-risking the project by seeking out potential joint venture partners, off-take agreements or a combination thereof.
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