Business Objectives and Strategy

GOAL

Capitalize on the company’s strategically located properties and readily available infrastructure to become a low cost merchant Hot Briquetted Iron (HBI) producer by putting the Griffith Mine (a past-producing iron ore mine) back into production.  

OBJECTIVES & STRATEGY

  • Find a strategic partner to invest
  • Continue to secure off-take agreements and pre-production orders for HBI
  • De-water the Griffith Mine (Principle Project)
  • Permit rail access between the Griffith Property and Amesdale;
  • Build power line to Griffith property;
  • Establish a NI 43-101 compliant resource on both Griffith and Karas past producing mines;

GRIFFITH PROPERTY HIGHLIGHTS

  • The Griffith Property was an economic past producer of both DRI and iron ore pellets until 1986
  • Drilling on the Griffith property started in August 2012 in order to establish a current NI 43-101 compliant mineral resource estimate and a feasibility study
  • The metallurgy will be reconfirmed with further testing
  • Initially holes will be drilled on the perimeter of the pit and once the benches are exposed, drilling will be conducted to enable a measured and indicated resource to be determined by the end of 2012
  • Environmental impact studies have begun and dewatering permits have been issued.

KARAS PROPERTY HIGHLIGHTS

  • Drilling is complete on the Karas property and a measured and indicated resource is expected in Q1 2013.

PAPAONGA PROPERTY AND THE WHITEMUD PROPERTY

Northern Iron plans to advance the exploration of the Papaonga Poperty and the Whitemud Property (former Ogani deposit) to determine their value.  Such exploration activities will be conducted in a manner to ensure that all necessary assessment work required to maintain the claims in good standing is completed and recognized.  Northern Iron's exploration plans for these properties include completing extensive, detailed ground magnetometer surveys to expand existing surveys and define new magnetic targets, as well as extending geological mapping.  Further drilling will be considered by Northern Iron, depending on the results of these geophysical surveys and mapping programs.