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The Sydvaranger Iron ProjectThe Sydvaranger Iron Project consists of three magnetite iron deposits with JORC compliant resources (Kjellmannsåsen, Fisketind Øst and Bjørnevatn) and a further 20 prospects with known iron mineralisation located over a 12km strike length. The existing equipment and infrastructure to be refurbished at the site includes primary crushers and a cobbing plant (not currently owned by Northern Iron but are subject to a purchase agreement in favour of Sydvaranger Gruve), a concentrator and various related infrastructure.Subject to the conditions outlined in this section, the redevelopment schedule envisages the recommencement of mining in the March quarter of 2009, followed by concentrate production in the June quarter of 2009. The critical path items for the restart of operations include the delivery and installation of three primary mills, the delivery of the mining fleet and the receipt of all permits and approvals required for mining and production, including government approval for the submarine disposal of tailings in Bjørkfjorden. December quarter of 2007.    Northern Iron has designed pits for each of the three deposits that have JORC compliant resources and has produced a mine schedule based on these mineral inventories. This has enabled an estimate of the mine fleet requirements to be completed, which will be used to negotiate equipment deliveries from suppliers. The Sydvaranger Iron Project has an estimated mine life of 19 years at an annual production rate of 7 Mtpa of mill feed. After processing, this is expected to produce approximately 2.9Mtpa of magnetite concentrate. Northern Iron considers there to be strong potential to increase both the throughput and mine life at Sydvaranger through. Concentrate production planned for June quarter 2009 Subject to:
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Northern Iron Limited
Level 3, 3 Ord Street
West Perth, Western Australia 6005
Ph: 61 (0) 8 9321 9334 Fax: 61 (0) 8 9321 9335
