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: Casablanca Capital Nominates Slate of Six Highly Qualified Directors

In the letter, Casablanca highlighted Cliffs' failed expansion strategy and loss of over 80% of the Company's market value which has been overseen by a majority of the current 11-member Board of Directors. Casablanca also outlined its proposal for a new strategy focused on Cliffs' core U.S. assets to restore value for shareholders and reiterated its support for 30-year metals and mining veteran Lourenco Goncalves as the right leader to assume the position of CEO of Cliffs.

http://www.theglobeandmail.com/globe-investor/news-sources/?date=+20140306&archive=prnews&slug=NY78739

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