Northern Iron Receives Permit to Dewater the Griffith Mine Pitt

About this update from Ares Strategic Mining Inc

Northern Iron Receives Permit to Dewater the Griffith Mine Pitt(via Thenewswire.ca) Vancouver, British Columbia, Canada / TNW-ACCESSWIRE / November 18, 2014 / Northern Iron Corp. (TSX-V: NFE) (FRANKFURT: N8I) ("Northern") announces that on November 17, 2014 the Ministry of the Environment of Ontario issued the Permit to Take Water from the former Griffith Mine North Pit. The permit allows Northern to dewater the North Pit to a maximum depth of 25 metres, and is valid until November 16, 2015. "The issuance of the dewatering permit for the North Pit is important news as it enables our drill crews to drill from the upper benches of the pit and our consulting team to determine both the amount and quality of the ore remaining in the Griffith pit. The pumps and pipes to complete the program have already been purchased. It is estimated that pumping will begin at the end of April 2015." said Basil Botha, President & CEO. Northern has entered into an investment agreement (the "Investment Agreement") with OMC Investments Limited, of Hong Kong ("OMC"). Pursuant to the terms of the Investment Agreement, on closing of the intended transaction, the Company has agreed to issue 19,048,000 units to OMC (a "Unit") by way of private placement at a price of $0.05 per Unit, for aggregate gross proceeds of $952,400 (the "Private Placement"). Each Unit will consist of one common share in the capital of Northern Iron ("Common Share") and one Common Share purchase warrant, with each warrant ("Warrant") being exercisable by OMC for a period of three years from the date of closing of the Private Placement at a price of $0.05 per Common Share. The completion of the Private Placement is conditional on (i) the TSX Venture Exchange ("TSXV") completing standard background (PIF searches) on certain principals of OMC and (ii) satisfactory due diligence by OMC. It is anticipated that closing ("Closing") of the transactions will be contemplated prior to the end of November 2014. The TSXV has conditionally approved the transactions contemplated herein. Investment of OMC in CIM; Shareholders' Agreement The Parties will enter into a shareholders agreement that contemplates the construction of a fully integrated operation to product Hot Briquetted Iron (HBI) and or Direct Reduced Iron (DRI) comprising the mine, concentration plant, pelletizing plant, direct reduction plant, briquetting plan...

View stock analysis, news, and events for Ares Strategic Mining Inc