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Vancouver, BC / TheNewswire / November 24 2016 - Northern Iron Corp. ("Northern Iron" or the "Company") (TSX-V: NFE) (FRANKFURT: N8I) today announced that James Walker, CEO and Michael Hepworth VP Corporate Development will be visiting automotive, battery and cathode manufacturers in Western China during the last week of November. The objective of the trip is to interest these manufacturers in investing in Northern Iron's lithium properties in the US and securing a reliable supply of lithium for their future needs.
The meetings are enabled by Northern Iron's previous investment in building a wide network of mining and minerals industry participants in China since 2011 and NFE's two newest directors who have extensive relationships with industrial and minerals consumers across Asia.
According to China's Association of Automotive Manufacturers, China already leads the world in the numbers of electric vehicles on the road. The EV Sales Blog reports that most lithium ion batteries are currently made in Asia and China's lithium consumption will grow in line with stepped up production of batteries for these vehicles. This growth is driven largely by the country's focus on dramatically reducing emissions, necessitated by its New Energy Plan.
Basil Botha, Chairman and President of NFE said; "China is already the world's largest consumer of lithium and is currently facing an undersupply situation. The last few months have seen significant deals in this space; deals engineered by Chinese companies looking for security of supply and lithium industry participants looking for investment dollars and off-take. We have access to many of these users and are hopeful of securing strategic investment and off-take agreements over the coming months."
About Northern Iron Corp.
Northern Iron Corp has 3 highly prospective lithium properties in Nevada and Arizona.
Jackpot Lake -Moapa Valley, Nevada
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-100% owned -2800 acres - 140 claims;
-35 km NE of Las Vegas;
-1976 USGS completed 129 core samples;
-Spectrographic and atomic-absorption analyses of 135 stream sediment
samples confirmed potential for lithium mineral deposits;
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-Highest Lithium value was 550ppm, average 175 ppm.
Wilcox Playa -Arizona
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-1400 acres on shore of Wilcox Playa - Dry lake bed
-In 1976 USGS identified this area as one of the most prospective locations for lithium brines and highly analogous to Clayton Valley
-USGS has identified a 22 sq. mile anomaly with high electrical conductivity, interpreted as subsurface brine field with no hydrological outlet.
Little Rock Lithium Target - Yavapai County - Arizona
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-High grade, lithium rich lacustrine clay
-Target is 2500 metres along strike ~ 20 metres thick
-Identified via electromagnetic survey in 2007
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-Large, highly electrically conductive body
-Clay-altered rhyolite tuff.
-Grab sample 172 ppm Li
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-Clayton Valley sediments are between 73 and 220ppm
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Timothy Marsh PHD, P. Eng QP prepared the disclosures and reports related to these projects.
Northern Iron is also the owner of five iron (magnetite) properties in the Red Lake District in the Province of Ontario. The Red Lake District is an established mining region where Northern Iron has two near term development projects, the past producing Griffith mine and the Karas property.
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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