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.
The Griffith Mine is located in close proximity to the towns of Red Lake and Ear Falls and has excellent infrastructure, including paved road access, electricity, water and a natural gas pipeline direct to the site. The reported remaining historical resource is approximately 120 million tons.
Other properties held by NIC include El Sol, which has a reported historical resource of approximately 312 million tons.
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.