VANCOUVER, Feb. 27, 2013 /CNW/ - Northern Iron Corp. ("Northern" or the "Company") (TSX-V: NFE) (OTCQX-
NHRIF) (FRANKFURT: N8I), today announced the re-doubling of efforts to educate the investment
community about Canadian hot briquetted iron (HBI), and the role it can
play in addressing the forecast global scrap steel shortage. To that
end, the Company has released its animated video 'Hot Briquetted Iron (HBI) - balancing global metallics supply and
demand', part two of a three-part educational series entitled 'The New Iron
Age'. Northern Iron will be airing 'The New Iron Age' in its entirety
at its booth #2501 at the upcoming PDAC in Toronto at the Metro
Convention Centre, South Building, from Sunday March 3rd to Wednesday March 6th, 2013.
"Northern Iron has a compelling story in working toward putting the past
producing Griffith Mine back into production. The fact that the
Griffith mine produced sponge iron, a form of direct reduced iron
referred to as DRI, and pellets from 1968 to 1986 left us with
infrastructure to access markets in the United States via Thunder Bay
and the ability to ship to Asia via Prince Rupert. Essentially, we have
a past producing mine with a history of producing a value-added ore
based metallic product and I might add once again, the ability to move
product and access markets, unlike the majority of potential iron ore
producers who are located in remote locations and have no access to
rail lines," says Company CEO Basil Botha. "Canadians are familiar with
iron ore but less so with ore based metallics."
"The Griffith Mine was a producer of both DRI and pellets for 18 years
and we believe the metallurgy on the mine will work for the production
of HBI (hot briquetted iron) a value-added engineered metallic and a briquetted form of direct
reduced iron (DRI). Metallurgical testing is part of our redevelopment
plan for the Griffith mine and is subject to validation. Part two of
this animated series explains HBI and its role in steel making."
"The company will benefit from the Griffith's past production in a
number of additional ways, in that the tailings ponds are intact and
require minimal upgrading for use by the mine when it is re-opened. The
area has excellent logistics that will only require relatively small
investments to upgrade. There are all-weather roads right to the pit, a
rail bed with a right of way connecting the mine to the main CN east
west line that runs to Prince Rupert on the west coast. In addition, we
also have access to Thunder Bay and can either barge or rail HBI into
the North American markets."
"Many people don't realize that HBI is the only direct link between
Canadian Iron ore and the electric arc furnaces that produce roughly
two-thirds of United States steel. Iron ore pellets and concentrate cannot be used in electric arc
furnaces and produce enormous amounts of emissions when used in blast
furnaces. Steel making is changing and even places like China are looking to reduce their energy consumption for steel making and at
the same time cleaning up the environment. The video explains how HBI
contributes to both these objectives."
Mr. Botha went on to say; "We have significant orders from China" adds
Botha "and we have interest from North American steel Mills. We
produced this video to help people understand both what we plan to
produce and how HBI meets the needs of the market."
About The New Iron Age:
Part Two of The New Iron Age story premieres on Wednesday February 27th,
with subsequent chapters broadcast as follows:
The New Iron Age Broadcast Schedule
The 12-minute, three-part animation, which took eight weeks to complete
and involved five animators, is unconventional and at times fantastical
- a hybrid style developed en-route to accommodate the delivery of
inherently technical information that is not easily visualized. The
steely narrative was voiced by Juno Award-Winning actor-musician Jim
Byrnes - whose St. Louis bluesy style seemed made for the project.
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
The Company is focusing on de-risking the project by seeking out
potential joint venture partners, off-take agreements or a combination
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
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.
For further information:
President & CEO
Northern Iron Corp.
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A high resolution jpeg image of the video logo can be found at this link.