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 CEO sees no hope for Ring of Fire!!

And most importantly, he will have set the stage to unload the 'poc' ROF asset at its 'true current value' ....not as much as prior mgmt paid of course and not as much as there carrying value after current quarter write down and yet still be applauded for the clean up result. All about perception for Clf shareholders. Works for me. We may even get the asset for our asking price, Gonclaves doesn't actually care, it is outside of his mandate.

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