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/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN THE U.S./
VANCOUVER, Oct. 6, 2011 /CNW/ - Northern Iron Corp. ("Northern Iron") (TSXV: NFE) today announced that it has initiated the process for listing its shares on the OTCQX in the United States. To achieve this Northern Iron Corp. has selected Merriman Investment Bank of San Francisco as the Principal American Liaison [PAL]. The PAL is the on-going link between the company and the OTCQX and will guide Northern Iron through the listing process to ensure all OTCQX requirements are met. Also assisting in this process is Baxter Capital Corporation from Phoenix, Arizona.
"Listing on the OTCQX will be important to potential shareholders in the United States as it will provide direct access to the US market and the critical volume needed to drive our stock price. We also believe that our focus on the North American steel market will play well with US investors. We anticipate that the listing on OTCQX will be complete by the end of the year." said Basil Botha, President and CEO of Northern Iron.
In order to qualify to list on the OTCQX a company must be listed on an approved exchange such as the TSX-V. All TSX-V filings are accepted by OTCQX and are filed on EDGAR in the US by the PAL.
ABOUT NORTHERN IRON
Northern Iron is a mineral resource company engaged in reviving a past producing iron mine and concurrent exploration of high quality iron ore resources in the Red Lake mining division, district of Kenora, Ontario, Canada.
Northern Iron holds 100% interest in minerals claims covering approximately 14,672 hectares, comprised of the El Sol Property, the past producing Griffith Property, the Karas Property, the Papaonga Property and the Whitemud-Slate Property.
The Griffith Mine owned at the time by Stelco, produced 78.8million tonnes of iron ore for conversion to pellets and DRI from 1968-1989. Total magnetic iron recovery was 86.26%
The Red Lake area is accessible year round by Highway 105, which joins the Trans Canada highway at Vermillion Bay, 175 km south and 100 km east of Kenora. Commercial air services operate to Red Lake from Thunder Bay, Ontario and Winnipeg, Manitoba
Cautionary Statement
The foregoing information may contain forward-looking statements relating to the future performance of the Company. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
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 of disapproved the information contained herein.