The state will now reopen the land around the proposed site, to the public. Gov. Walker had signed a bill restricting access to certain acres.
Last month, G-tac closed its office in Hurley saying a mining operation did not appear to be feasible. The region encompassing the Penokee Hills is rich in wetlands and waterways, the reason some people and groups opposed a potential mine.
It would have meant opening a 4.5 mile open pit, to extract the iron ore.
According to the Wisconsin DNR, the company has officially withdrawn its pre-application notice.
State leaders had passed a new mining law to hasten the approval process, citing the jobs a mine could have created.
Much of the forest land is open to the public, but the state restricted access around the spots the company was burrowing into to test the rock - as well as the spaces around the equipment and roads used to reach the site.
Some protesters had approached workers; others established a camp nearby. The company, in turn, had hired armed guards to keep demonstrators off the land where testing was underway.