Business
Northern Iron Corp. Acquires Five Contiguous Mineral Claims to the East and South of the Past Producing Griffith Mine, Red Lake, Ontario and Announces Stock Options Grant
TORONTO, Dec. 21, 2011 /CNW/ - Mineral Claims Acquisition Northern Iron Corp . ...
About this update from Ares Strategic Mining Inc
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Dec. 21, 2011 /CNW/ -\n\n\n\nMineral Claims Acquisition\n\n\nNorthern Iron Corp. (TSX-V: NFE) (\"Northern Iron\", or the \"Company\") (OTCQX: NHRIF) (Frankfurt: N8I) announces that it has signed an agreement with Mr. Larry Herbert (the\n \"Vendor\"), a private individual, whereby the Company will acquire a\n 100% interest in five mineral claims totaling 848 hectares (the\n \"Claims\").\n\n\nThe Claims are adjacent to the past producing Griffith mine, situated\n east and south of the claims acquired by the Company in January, 2010. \n The Griffith mine produced iron pellets and sponge iron from 1968 to\n 1986 before being shut down due to uneconomic iron prices.\n\n\nIn consideration for the 100% interest in the claims, Northern Iron will\n pay the Vendor $6,000 in cash and issue 100,000 common shares of the\n Company at a deemed price of $0.30 per share.\n\n\nStock Options Grant\n\n\nThe Company also announces that it has approved the grant of 1,125,000 stock options to\n officers, directors and consultants of Northern Iron. 700,000 of these\n options were granted to two directors of Northern Iron, namely Brian\n Thurston and Paul Sarjeant, and to Grant Smith, who acts as Chief\n Financial Officer of the Company. 425,000 stock options were granted to\n Consultants. Each option has a five year term and is exercisable for\n one common share of the Company at an exercise price of $0.30 per\n share.\n\n\nAbout Northern Iron Corp.\n\n\nNorthern Iron is a mineral resource company engaged in reviving a past\n producing iron mine and concurrent exploration of high quality iron ore\n resources in the Red Lake mining division, district of Kenora, Ontario,\n Canada.\n\n\nNorthern Iron holds 100% interest in minerals claims covering\n approximately 14,672 hectares, comprised of the El Sol Property, the\n past producing Griffith Property, the Karas Property, the Papaonga\n Property and the Whitemud-Slate Property.\n\n\nThe Griffith Mine owned at the time by Stelco, produced 78.8 million\n tonnes of iron ore for conversion to pellets and DRI from 1968-1989.\n Total magnetic iron recovery was 86.26%.\n\n\nThe Red Lake area is accessible year round by Highway 105, which joins\n the Trans Canada highway at Vermillion Bay, 175 km south and 100 km\n east of Kenora. Commercial air services operate to Red Lake from\n Thunde...