VANCOUVER, March 4, 2013 /CNW/ - Northern Iron Corp. ("Northern" or the "Company") (TSXV: NFE) (OTCQX-
NHRIF) (FRANKFURT: N8I) today announced the release of part 3 of its animated short video
series titled 'The New Iron Age'.
"China, our primary market, plans to urbanise a further 400,000,000 people by
2033. That's equivalent to building one new Chicago every year. Imagine
the amount of steel required to achieve that!" says Basil Botha
President and CEO of Northern Iron.
"In the first 10 months of 2012 China produced 660 million tonnes of
steel and that's 47% of the world total. In the coming years it could
grow to more than 50%".
As part of China's 12th 5 Year Plan, there is pressure to reduce energy consumption per unit of
steel production by 21%. This will require cleaner more economical
steel making processes and greater use of metallics. These materials
use about 60% less energy per tonne of steel and they also
significantly reduce emissions, slag and ash. Our current order book,
which consist of multiple off-take agreements for hot briquetted iron
from Chinese groups, shows that we are planning on coming to the
market, subject to project feasibility, at an opportune time."
"Steel making is changing and China is looking to reduce their energy consumption for steel making while
simultaneously cleaning up the environment. The video explains how Hot Briquetted Iron contributes to both these objectives."
About The New Iron Age:
The full Trilogy of The New Iron Age story will be released March 6, 2013. Parts 1 to 3 premiered on the following schedule:
The 12-minute 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.
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SOURCE: Northern Iron Corp.
For further information:
President & CEO
Northern Iron Corp.