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: MPP Michael Gravelle sets things straight...

I agree with what you say, Ed, but to carry it a step further, the project must meet Cliff's objectives or it will not proceed in its current manifestation.

First Nations have a de facto veto, but can't force Cliffs to proceed with an uneconomic plan. Let's hope it works out that the First Nations communities are on board or we could end up with a Mexican standoff where all the stakeholders lose.

Could this become a dual or multi-use facility with much infrastructure shared and separate streams for chromite, nickel and maybe other minerals? This would be the rationale for a joint announcement by Cliffs and Noront. Or maybe it's the railline as a standalone project that they will do together.

O.F.

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