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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islandboy

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Re: Cleveland-Cliffs Taps Into Emerging Market Steel Demand with $10 Billion Buyout

in response to

Cleveland-Cliffs Taps Into Emerging Market Steel Demand with $10 Billion Buyout

Hebe

posted on Oct 08, 2009 08:23AM

* OLD NEWS ! * SEE ATTACHED DATED PRESS RELEASE. BTW They paid 70 million just to terminate...FWR is worth more than a termination fee !!!

Cliffs Natural Resources and Alpha Natural Resources Announce Litigation Settlement and Termination of Definitive Merger Agreement

CLEVELAND & ABINGDON, Va., Nov 17, 2008 (BUSINESS WIRE) --

Cliffs Natural Resources Inc. (NYSE: CLF) and Alpha Natural Resources, Inc. (NYSE: ANR) today announced that the boards of directors of both companies have approved settlement of litigation brought by Alpha in Delaware Chancery Court and termination of the previously announced definitive merger agreement, under which Cliffs would have acquired all outstanding shares of Alpha.

The companies said each board's decision was made after considering various issues, including the current macroeconomic environment, uncertainty in the steel industry, shareholder dynamics and risks and costs of potential litigation. Considering these issues, each board determined that settlement of the litigation and termination of the merger agreement were in the best interests of its equity holders.

Alpha and Cliffs added that, going forward, the companies plan to work together to find ways to realize synergies in their respective coal operations.

Under the terms of the settlement agreement, the merger agreement will be terminated, Cliffs will pay Alpha $70 million, Alpha will dismiss the Delaware litigation with prejudice and the parties will release each other from all obligations with respect to the proposed transaction as well as from any claims arising out of or relating to the merger agreement.

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