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.
International 1-800-148-223.
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.
About Danieli
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.
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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:
Basil Botha
President & CEO
Northern Iron Corp.
Tel: 604-566-8570
Fax: 604-602-9868
Email: bbotha@northernironcorp.com
Website: www.northernironcorp.com
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SOURCE: Northern Iron Corp.
Northern Iron Corp. (TSXV:NFE)
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