NFE.V Quarterly Report (Ending June 30th 2015)
Stock Price: $0.015
Common Shares: 95,727,875
Insider Holdings: Just under 25% as per www.sedi.ca
ASSETS
Cash: $851,916
Receivables: $24,493
Prepaid Expenses: $11,282
Deposits: $200,000
Property & Equipment: $166,237
Exploration Assets: $9,770,009
Total Assets: $11,023,937
LIABILITIES
Accounts Payable: $41,215
Total Liabilities: $41,215
August 2015 Presentation: media.wix.com
MD&A Highlights
Northern Iron is a mineral exploration company focused on developing high quality iron ore opportunities in the Red Lake Mining Division of Ontario, Canada, which is a past-producing iron ore district. The Company is a 100% owner of five iron ore properties in the Red Lake district containing significant historical resources with grades ranging from 22% to 31% Fe2O3. Northern Iron is listed on the TSX Venture Exchange and commenced trading on 26 August 2011.
The resource definition drilling program at the Griffith Mine commenced in August of 2012 and 11 holes totaling 3730m were completed by 21 September 2012. The holes were drilled around the perimeter of the North Pit. Past production indicated the higher grades and larger resource are located towards the South end of the pit. This should be the priority area for delineation drilling. It is estimated that a minimum of 10,000 meters will be required on the south-west and north-east. Fence drilling can be carried out from the East side, and fan drilling farther South.
For the Company to continue to operate as a going concern it must continue to obtain additional financing to maintain operations; although the Company has been successful in the past at raising funds, there can be no assurance that this will continue in the future. In an effort to preserve capital, the Company has ceased all field activity and deep cost cutting measures have been adopted. In addition to the reduction in field work, these cost cutting measures include significant reductions in consulting, travel, and shareholder relation expenditures. At the current burn rate the Company has sufficient cash reserves until mid-2016. There were additional cost cutting measures that came about in May 2014 that will provide the Company with additional cash into January 2017.
The Company is focusing the majority of its efforts in introducing the Griffith mine project to prospective industry partners in North America. It is the intention of management to attract a large industry partner into the project to provide expertise and capital to advance the project. |
