Northern Iron Announces Stock Option Grant
February 28 2014 - 1:31PM
Marketwired
Northern Iron Announces Stock Option Grant
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 28, 2014) -
Northern Iron Corp. ("Northern" or the "Company")
(TSX-VENTURE:NFE)(FRANKFURT:N8I) is pleased to announce the grant
of stock 1,550,000 stock options to certain officers, directors,
and staff of the Company. The options are exercisable into common
shares of the Company at a price of $0.05 per share for a period of
five years from the date of grant and will vest in accordance with
the Company's stock option plan.
The grant is subject to approval from the TSX-Venture Exchange.
Any shares issued on the exercise of these stock options will be
subject to a four-month hold period from the date of the grant.
About Northern Iron Corp.
The Company is a 100% owner of five iron ore properties in the
Red Lake district. The Red Lake district is situated in 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 up to the minute news, industry analysis and feedback follow
us on Facebook, Twitter, LinkedIn and YouTube.
Basil BothaPresident & CEONorthern Iron
Corp.604-566-8570604-602-9868bbotha@northernironcorp.comwww.northernironcorp.com