The largest and arguably the most exciting opportunities being what has been dubbed the "ring of fire", an area which saw a rush of staking in the latter part of 2007 in the James Bay lowlands.

Gravelle said the ministry hopes to position itself to take a co-ordinating and leadership role in its development and is something the whole of Northern Ontario should be excited about.

Gravelle said it's an opportunity they would like to see move forward, but done in the right way.

Gravelle said companies interested are not deterred by the current lack of infrastructure, and what it may mean to mine ore from the location and transport it to a refinery.

"Obviously there is some challenge when balancing the economic development while respecting the Premier's decision to protect 50% of the Far North," he said. "But this is a potentially a really wonderful opportunity we want to take advantage of.

"God knows we need some great news, and this may be it."

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