Canada’s Northern Iron Corp. completes private placement financing

Thursday, 10 June 2010 01:47:47 (GMT+2)

NIC holds 100 percent of a number of properties in the Red Lake district of northern Ontario. This includes the past producing Griffith Mine, which was owned and operated from 1968 to 1984 by Stelco (Steel Company of Canada, now US Steel Canada). During this period, Griffith's iron ore production totaled 74.42 million tons at 30 percent Fe. The iron ore was beneficiated to produce 22.85 million tonnes of iron ore pellets at an average grade of 66.7 percent  Fe, as well as direct reduced iron utilizing the SL/RN system. The reported remaining historical resource is approximately 120 million tons at 29 percent  Fe (non compliant with NI 43-101).

Other properties held by NIC include El Sol, which has a reported historical resource of approximately 312 million tons at 31.1 percent Fe.

NIC will conduct an exploration program in 2010, which will focus on the Griffith Mine. The Company's objective is to fast-track development of the Griffith Mine to produce saleable iron products for the iron and steel market in the Great Lakes district of southern Ontario and northeastern USA.

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