VANCOUVER, Jan. 9, 2012 /CNW/ - Northern Iron Corp. (TSX-V: NFE) ("Northern Iron") (OTCQX: NHRIF) (Frankfurt: N8I) today announced the continuation of its drill program on its Karas property in the Red Lake mining division, district of Kenora, Ontario, Canada.
The 2012 drill program will begin on January 11th with 2 drill rigs in place. During the latter part of 2011, Northern Iron completed 26 holes on the Karas property; results have been released on 18 of the drill holes to date. It has been necessary to extend the drill program into 2012, as the management team has taken a decision to drill additional holes between 600 and 700 metres in length to determine the true thickness and down dip extension of the magnetite mineralized area on the Karas property.
"The benefits of working in the Red Lake area give us the ability to operate all year round when most other fly-in drill programs have been shut down due to logistics. We have only shut down for 3 weeks over the holiday period to give our crews a much needed break. Most of the other Canadian iron ore projects shut down their drill programs at the onset of winter and only commence their programs when the warmer weather returns." said Basil Botha, President and CEO of Northern Iron.
These results will assist the team and Roscoe Postle Associates in better delineating the mineralized area towards a measured and indicated NI 43-101 compliant mineral resource estimate.
About Northern Iron Corp.
Northern Iron is a mineral resource company engaged in reviving a past producing iron mine and concurrent exploration of high quality iron ore resources in the Red Lake mining division, district of Kenora, Ontario, Canada.
Northern Iron holds 100% interest in minerals claims covering approximately 14,672 hectares, comprised of the El Sol Property, the past producing Griffith Property, the Karas Property, the Papaonga Property and the Whitemud-Slate Property.
The Griffith Mine owned at the time by Stelco, produced 78.8 million tonnes of iron ore for conversion to pellets and DRI from 1968-1989. Total magnetic iron recovery was 86.26%.
The Red Lake area is accessible year round by Highway 105, which joins the Trans Canada highway at Vermillion Bay, 175 km south and 100 km east of Kenora. Commercial air services operate to Red Lake from Thunder Bay, Ontario and Winnipeg, Manitoba.
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 of disapproved the information contained herein.
For further information:
President & CEO
Northern Iron Corp.
Email: [email protected]