- An estimated 4,025,000,000 litres or 1,065,000,000 gallons removed.
- Water levels are down by approximately 5 metres or 16 feet 5 inches.
- Vancouver, British Columbia, Canada – February 4, 2013.
Northern Iron Corp. (“Northern” or the “Company”) (TSX-V: NFE) (OTCQX- NHRIF) (FRANKFURT: N8I) today announced the completion of their winter dewatering program of the Griffith Mine which was halted on January 3rd, 2013 and will recommence during the spring thaw.
“Dewatering the pit will allow our drills to get onto the benches in the spring and complete the drill program over the summer,” said Basil Botha, President and CEO. “Our on-site crews have done a great job keeping everything running smoothly and management is delighted with the progress made.”
Northern is in the process of removing the first 25 metres of water from the flooded pit of the past producing Griffith Mine. To date the dewatering process has removed approximately 5 metres of water. This equates to 4,025,000,000 litres or 1,065,000,000 gallons of water removed since pumping started on October 22nd, 2012.
Throughout the dewatering operations, Northern staff implemented a water monitoring program designed to ensure there were no negative impacts on the receiving Bruce Lake. Lake water levels, water quality, dissolved oxygen and temperature were all frequently measured. Lake water and shorelines were also observed on a daily basis to check for erosion and scouring of the lake bottom. All results and observations indicated that there were no negative effects from the dewatering activities and the results have been submitted to the Ministry of Environment.
Preparations are underway to recommence pumping in the spring of 2013.
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.
For further information, please contact:
Basil Botha
President & CEO
Northern Iron Corp.
Tel: 604-566-8570
Fax: 604-602-9868
Email: bbotha@northernironcorp.com
Website: www.northernironcorp.com