Northland Resources: Northland Activates its Finnish Assets
(Thomson Reuters ONE) - November 23, 2009 Northland Resources Inc. (Northland) is pleased toannounce that Northland has commenced preliminary discussions withKobe Steel Ltd. of Japan and Midrex Technologies Inc. (a wholly-ownedsubsidiary of Kobe Steel Ltd.) of Charlotte, North Carolina, USA,regarding the integration of Kobe's ITmk3® iron making technology*(explanation below) into the development of Northland's Hannukainendeposit, located in northern Finland. The ITmk3® process producesIron Nuggets from iron concentrates.Northland has recently commenced a Preliminary Economic Assessment(PEA) on its Hannukainen iron ore deposit located near Kolari,Finland. The Company is planning production of ca. 2 million tonnesper year of iron concentrate from the deposit based on Hannukainen'sNI 43-101 compliant resources of 82.6 Mt (at) 34.6% Fe (Measured andIndicated) and 81.63 Mt (at) 35.7% Fe (Inferred) at a 15% cut-off(please refer to our press release dated August 23, 2007). As partof the PEA, the Hannukainen resources will be updated withinformation from additional drilling completed after the 2007resource report was issued.Northland estimates that the PEA will be completed by Q2 2010. As apart of the PEA studies, Midrex Technologies will test iron oreconcentrates from Northland's iron projects.Conceptually, the ITmk3® Iron Nugget plant would initially be fedfrom the proposed Hannukainen mine and milling complex in Finland ata rate of 1.5 million tonnes of concentrate per year, which wouldproduce an estimated 1 million tonnes of Iron Nuggets annually. Thisproduction volume would initially be destined for the Baltic andWestern European markets for use along with scrap steel inelectric-arc furnaces and as a coolant for use in basic oxygenfurnaces (BOFs).Any iron concentrate unutilized in this process will be sold into themarket.Northland does not plan to develop the Hannukainen mine and build anITmk3® Iron Nugget plant on its own. The Company will seek anindustrial partner to co-fund the investments. It is envisioned atthis point that the ITmk3® plant would be located in Finland withaccess to natural gas supplies and near existing port facilities.Discussions are ongoing and further announcements will be made whenappropriate.ON BEHALF OF THE BOARD "Anders Hvide"NORTHLAND RESOURCES INC.*ITmk3®, which stands for "Ironmaking Technology Mark Three," is aunique and new ironmaking process. Developed by Kobe Steel, Ltd. withsupport from Midrex Technologies, it produces a high purity IronNugget that typically contains 96 to 97% of iron and 2.5 to 3% ofcarbon. The Iron Nugget is 5 to 25 mm in diameter and looks like apebble. The ITmk3® Process has many advantages including anuncomplicated design, competitive investment cost, low productioncost, flexibility regarding the characteristics of the iron-bearingfeed and reductants, and low emission of CO2.Kobe Steel and Steel Dynamics Inc. (one of the largest EAF steelmakers in the USA) are now installing the ITmk3® technology in theMesabi Nugget Project in Minnesota, USA. Steel Dynamics plans toproduce 500,000 tonnes per year of Iron Nuggets from the MesabiNugget Project. Previously, Kobe Steel, Steel Dynamics and someother partners, including the Minnesota State Government, hadoperated the ITmk3® Pilot Demonstration Plant for two years inMinnesota in order to demonstrate the successful operation andcommercial viability of the technology.For More Information, Contact:Anders Hvide, Executive Chairman, Oslo: Tel. +47 92 88 98 58Patrick Foster, Investor Relations, London: Tel. +44 77 10 12 36 03Regarding metallurgical or processing questions, contact:Paul Marsden, VP, Marketing and Corporate Development, London +44 7776 18 09 88This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 23.11.2009 - 10:00 Uhr
Sprache: Deutsch
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