Vancouver, BC / ACCESSWIRE / May 7, 2014 / Northern Iron Corp. ("Northern" or the "Company") (TSX-V: NFE) (FRANKFURT: N8I) today announced that it will hold a conference call for interested parties to hear the specifics and benefits of the cooperation agreement announced on May 7th 2014.
The call will provide an outline of the agreement and the benefits for Northern, followed by a question and answer session for all participants. The call will be of interest to investors, brokers and analysts.
Interested investors, brokers and analysts are invited to dial in on May 8 at 1.00pm EST.
Conference dial in: North America 1-888-619-1583.
Participant code: 267180#
The Cooperation Agreement
Under the cooperation agreement Northern and Danieli agree to co-operate on re-developing the past producing Griffith Iron Ore Mine. Although no feasibility study has been completed, the scope of the agreement contemplates the installation of a fully integrated operation to produce Hot Briquetted Iron (HBI) comprising a concentration plant, pelletizing plant, an Energiron direct reduction plant, briquetting plant and related auxiliary systems.
DANIELI will be Northern's technological partner for marketing and promoting the Project to possible strategic partners, financiers and final product off-takers that can provide the necessary funding to cover the expenses up to and including a bankable feasibility study ("BFS") for the Griffith and Karas projects. In addition, Danieli will provide technical data and support for the completion of the BFS.
With 2013 revenues in excess of EUR 2,7 billion, 11,000 employees and EUR140 million in R&D investment, DANIELI is one of the world's top 3 manufacturers and suppliers of iron making, direct reduction and steel making plant and equipment. Danieli's product line covers the whole technology spectrum from iron ore processing to flat and long steel finished product processing.
Danieli plays the role of main contractor within the Energiron alliance with Tenova. Energiron is the innovative gas-based Direct Reduction Technology jointly developed by Tenova and Danieli that provides an extremely productive and flexible process, combined with high energy efficiency and the lowest environmental impact.
Danieli is considered an expert in process development, equipment design, engineering, manufacturing, erection and commissioning of fully integrated iron and steel making plants.
Danieli has established business relationships with many of the world's largest steel makers and has a large installed base of direct reduction plants around the world. During 2013 Danieli started up new plants in 23 different countries including China, Korea, Japan, USA, Mexico, Russia, UAE, India and several European countries.
A feasibility study has not been completed and there is no certainty the proposed operation will be economically viable and successful in fulfilling the orders.
The geological information in the news release has been verified by Raul Sanabria, P.Geo., who is the Qualified Person for Northern Iron Corp. under NI 43-101.
About Northern Iron Corp.
The Company is a 100% owner of five iron (magnetite) properties in the Red Lake district. The Red Lake district is an established mining area in Ontario, where the company has two near term development projects, the past producing Griffith mine and the Karas property.
The Company is currently working towards the production of HBI, a transportable form of direct reduced iron. HBI is complementary and a viable metallic supplement 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.
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:
President & CEO
Northern Iron Corp.
Email: [email protected]
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SOURCE: Northern Iron Corp.