VANCOUVER, Feb. 19, 2013 /CNW/ - Northern Iron Corp. ("Northern" or the "Company") (TSXV: NFE) (OTCQX:
NHRIF) (FRANKFURT: N8I) today formally submitted a Project Description ("PD") for its Griffith
Mine Redevelopment Project with the Government of Canada. This comes
after a three month period of discussions and review of the draft PD
with the Canadian Environmental Assessment Agency ("the Agency").
The PD is the first major step in securing environmental assessment
("EA") approval for the redevelopment of the mine. After a formal ten
day review of the PD for completeness, the Agency will post an
executive summary of the PD on their website for 20 days in order to
receive public comments. A complete copy of the PD will be available
on Northern's website www.northernironcorp.com and a copy of the PD
will be lodged with the Town of Ear Falls. First Nations in proximity
to the mine site and the local Metis Nation of Ontario representatives
will be contacted during this period and offered the opportunity to be
engaged with the EA.
"Given Griffith is a past producing mine, we are confident that the
permitting process will go smoothly enabling us to reach our
anticipated schedule of being in production by 2016 and fulfilling
off-take agreements for 960,000 tonnes of HBI from Chinese customers,"
commented Basil Botha, President and CEO of Northern. "We have engaged
the local First Nations groups in active conversations and are
currently employing/contracting work out to them as we move forward on
dewatering the Griffith pit. Unlike some of the development iron ore
projects in the Labrador Trough, Griffith is year round accessible by
road with excellent infrastructure including rail, natural gas and
skilled labour. Once permitted, we can move quickly to get product to
market without waiting on large infrastructure projects to be built."
After a statutory time period of 60 days, the Agency prepares a set of
Draft Environmental Impact Statement Guidelines that will guide the EA
process. Environmental baseline studies are already underway and will
be tailored to conform with the Agency's Guidelines and best management
practices for conducting these studies. Northern is proceeding with
other components of the EA and permits which they plan on submitting to
the federal government by the end of 2013 so that government approvals
can be obtained by the summer of 2014. This will allow Northern to
keep on schedule in producing HBI in 2016 to honour their existing
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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