Northern Iron Corp Acquires Five Contiguous Mineral Claims to the East and South of the Past Producing Griffith Mine
Northern Iron Corp. (NFE.V), which closed Tuesday near a year low 10 cents, announced that it has signed an agreement with Larry Herbert, a private individual, whereby the Company will acquire a 100% interest in five mineral claims totaling 848 hectares.
It said the Claims are adjacent to the past producing Griffith mine, situated east and south of the claims acquired by the Company in January, 2010. The Griffith mine produced iron pellets and sponge iron from 1968 to 1986 before being shut down due to uneconomic iron prices.
In consideration for the 100% interest in the claims, Northern Iron will pay the Vendor $6,000 in cash and issue 100,000 common shares of the Company at a deemed price of $0.30 per share.
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