The Town Council of Ear Falls passes a resolution supporting
Northern Iron's re-development of the Griffith Iron Ore Mine
- The Corporation of The Town of Ear
Falls:
-
- Recognizes the positive economic impacts the project will
have on the community of Ear
Falls.
- Has no objections and supports the proposed redevelopment of
the Griffith Iron Ore Mine.
VANCOUVER,
Nov. 29, 2012 /CNW/ - Northern
Iron Corp. ("Northern" or the "Company") (TSX-V: NFE) (OTCQX-
NHRIF) (FRANKFURT: N8I) today announced that it has received
notification that on November 7,
2012, the Council of The Corporation of Ear Falls (Ear Falls Ear Council) passed a
resolution supporting the proposed redevelopment of the Griffith
Iron Ore Mine.
The resolution states that the Ear Falls Council
recognizes the positive economic impacts for both the community of
Ear Falls and for the region. It
also highlighted that the Town of Ear
Falls has no objections and supports Northern Iron's
proposed redevelopment of the Griffith Iron Ore Mine.
Basil Botha,
Northern's President & CEO stated, "Northern Iron is committed
to bringing the Griffith Mine back into production and as a result
will help re-build a vibrant community in the Ear Falls/Red
Lake area. We are grateful for the tremendous amount of
verbal support from the local community and this resolution
formalizes that. An active mine in the area will bring as many as
600 new quality full time jobs to the region. We are clear
that as this project develops we have an important role as good
corporate neighbours and a social responsibility to develop
facilities that will benefit the community."
Kevin Kahoot, The
Mayor of Ear Falls said; "Council
and the Township of Ear Falls are
very supportive of Northern Iron's project, which is, and will be,
a critical economic driver for the community and the region."
A feasibility study has not been completed and there is no
certainty the proposed operation will be economically viable and
successful in fulfilling the orders.
About Northern Iron Corp.
The Company is a 100% owner of five iron ore
properties in the Red Lake
district containing over 500 million tonnes of historical resources
with grades ranging from 22% to 31% Fe. The Red Lake district is situated in an
established mining area in Ontario, where the company has two near term
development projects, the past producing Griffith mine and the Karas property.
A qualified person has not done sufficient work
to classify the historical estimate as current mineral resources;
the issuer is not treating the historical estimate as current
mineral resources.
The Company is currently working towards the
production of HBI, a transportable form of direct reduced
iron. HBI is complementary and a viable metallic alternative
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, the Company
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. The metallurgy of the
deposit has been proven over eighteen years of production.
Almost the entire transportation infrastructure
is currently in place to both produce HBI and 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.
The Company is focusing on de-risking the
project by seeking out potential joint venture partners, off-take
agreements or a combination thereof.
Cautionary Statement
The foregoing information may contain
forward-looking statements relating to the future performance of
the Company. Forward-looking statements, specifically those
concerning future performance, are subject to certain risks and
uncertainties, and actual results may differ materially from the
Company's plans and expectations. These plans, expectations, risks
and uncertainties are detailed herein and from time to time in the
filings made by the Company with the TSX Venture Exchange and
securities regulators. The Company does not assume any
obligation to update or revise its forward-looking statements,
whether as a result of new information, future events or
otherwise.
Neither the TSX Venture Exchange nor its
Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
SOURCE Northern Iron Corp.