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: cliffs
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With all due respect, the total cost to Cliffs of the ROF assets is much more than $215 million. That is what they paid for FWR only.

Add to that what they paid for SPQ....I believe another $125 million or so plus they purchased UC resources ROF holdings as well....going from memory, I think another $11 million or so.

Then, we could add their investment in KWG and whatever costs they've accumulated thus far.

The total I'm sure would exceed $400 million to date.

Could they get that today? I doubt it.

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