a couple of things from Cliifs Q&A

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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joe

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a couple of things from Cliifs Q&A

posted on Jul 31, 2012 04:43PM

delivered cost of concentrate $200 ton

delivered cost of ferrochrome $0.70per lb

this will be a low cost mine.

Considerable interest by other companies and the possibilty of a JV partner, and Cliffs will pursue this option.

100x70 ton trucks per day from mine by road to hook up with the CN spur ( no wonder Moonias is p'd off 100 trucks per day!!)

Very little expenditure planned until 2014-15, possible mine start up mid 2016

$90 mil 2013 for feasibility study, early works 2014 $400 ( this could be delayed to the 2nd half) 2015-2016 $2.1-3Billion.

If finances change then dates can be pulled back

Cliffs expected return after all taxes etc is 20%

There was a lot more said but that should give you the gist of the discussion on the Chrome Project

Here's my take on this, Cliffs know they are in a vulnerable position relative to their share price. If the price drops below $30 (aaccording to one analyst he sees it hitting $28) the Board wont wait too long before making some changes. Should that happen the ROF may get put on the back burner and the JV partner will be announced.

What does it mean to Noront IMO it'll depend on who the JV partner is, if it's another miner then you can bet bucks they'll be in discussions with Noront as well.