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Northern Iron acquires additional claims in the Red Lake mining district
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Saturday, 13 Oct 2012
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Northern Iron Corp announced that it has acquired a 100% interest in four mineral claims located in the Red Lake mining district of Ontario. These claims are strategic and extend Northern's claims around the Karas property. In consideration for the 100% interest in the Karas Claims, Northern will issue to a vendor 100,000 common shares of the Company at a deemed price of USD 0.10 per share.

In addition, Northern has acquired a 100% interest in two mining claims, along with surface rights, adjacent to the past producing Griffith Mine. In consideration for the Griffith Claims, the Company will issue 1,500,000 common shares at a deemed price of $0.10 per share.

Mr Basil Botha president & CEO of Northern's said that "These additional claims are strategically important for Northern Iron. The Karas Claims extend the area we control around the Karas property and the additional Griffith Claims provide us access to a large quantity of rock at surface."

Mr Botha concluded that "The installation of a portable crushing and screening plant will give us an opportunity to sell aggregate into the surrounding area where there is significant development in mining and road construction, let alone for the roads in the winter. We see this project as an early cash generator for the Company.”

Source - Northern Iron

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