Northern Iron Corp. (TSXV:NFE,OTCQX:NHRIF,FWB:N8I) it has begun drilling definition holes at the past producing Griffith iron ore mine.
Northern Iron’s President and CEO, Basil Botha said:
Drilling the Griffith property will enable us to complete our resource calculations for this project, which in turn will be an important de-risking consideration for any strategic partner looking to invest in Northern Iron. The Company continues to hold general discussions with a number of large international prospects who have expressed interest in acquiring HBI from Northern Iron. Demand for metallic product is growing and steel scrap prices are expected to increase over the next few years, while the supply and quality of steel scrap is expected to decrease. Where profit margins are extremely tight, HBI provides steelmakers an alternative in order to achieve the lowest cost per ton of liquid steel.