Re: 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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Dennis Sherman

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Re: a couple of things from Cliifs Q&A

in response to

a couple of things from Cliifs Q&A

joe

posted on Jul 31, 2012 09:11PM

On July26 I mentioned that a possible JV or partner may be Baosteel.

If that happened would the Provies and Feds allow 19% of Noront and 19% of Cliffs be controlled by them? It would represent almost 1/5th of the known major chromite deposits.

In the presentation from Cliffs they posted that almost 50% would be shipped as non-processed ore, with purity of the chromite they could ship direct to China.

TOTB (think outside the box)

Dennis

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