"Companies with a share in the deposit are moving from the exploration stage to the advanced exploration stage. Cliffs Natural Resources has already spent $250 million on exploration and other work, not including the cost of acquisition, said Kaszycki."

$250 million on exploration alone?This I doubt.

"Cliffs is projecting it could mine one of its deposits by open pit for 15 to 20 years, then mine the same deposit for another 20-25 years underground. That is just one of three or four deposits for which the company has claims."

20-25 years underground?This must be the "open at depth"portion of Black Thor that CLF didn't pay for.

Kerry.