Massive Black Horse Chromite Discovery

Black Horse deposit has an Inferred Resource Now 85.9 Million Tonnes @ 34.5%

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Message: Re: Cliffs Natural Resources downgraded further into junk at S&P

IMO..there might be a danger that with the sp dropping so much that they will not proceed with the asset sale. Not getting good value for the chromite assets may be perceived as mismanagement and just put more pressure on the sp. One thing that probably has a greater chance is withdrawing the $200 Mil share buy back program to retain the $$ for financing their debt.

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