HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: Re: Cliffs threatens again to abandon Ring of Fire project

Cliffs had an opportunity to tie up all the loose ends and aquire KWG at a bargain a long time ago. They got greedy and took only SPQ in hopes that KWG would not survive on their own and come crawling to them and that did not happen. They severely underestimated the shrewd management of KWG. This is not a situation where Cliffs never had a chance to have the rights to a road to ROF, they just made bad decisions and got outplayed by a small junior. If they want to leave, let them, we are talking billions of dollars in chromite here, it will be mined by someone. Why should the government intervene because Cliffs made poor judgements?

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