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Ring of Fire News – 8 Aug 11

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Information shared here in accordance with the Fair Dealing provisions (§29) of the Copyright Act.  We’re not responsible for accuracy of original material, and inclusion of material doesn’t mean endorsement.


  • Northern Development, Mines & Forestry Minister Michael Gravelle on Ring of Fire in pre-provincial-election statement: “we are all hoping to see the first mine there possibly ready to open within five years, with a significant training program put into place now so that Aboriginal and Northern workers can get those good-paying jobs in the future ….”  (Source:  Statement, 4 Aug 11)
  • KWG sells off Ring of Fire smelter royalties to Anglo Pacific Group PLC…. “KWG Resources Inc. has completed the sale of net smelter royalty interests (“NSR”) in the Black Thor, Black Label and Big Daddy chromite deposits to Anglo Pacific Group PLC for US$18 million. Half of the purchase price has been received by KWG and the remaining 50% has been received by an escrow agent to be held in escrow for a period of three months as security for KWG’s indemnification obligations to the purchaser in connection with the transaction ….”  (Source:  KWG news release, 4 Aug 11)
  • …. or put another way:  “Anglo Pacific Group has bought 7207565 Canada Inc from KWG Resources Inc. for US$18m. 7207565 Canada Inc owns a 1% net smelter royalty interest in the Black Thor, Black Label and Big Daddy chromite deposits, owned and operated by Cliffs Natural Resources, in the Ring of Fire region of Northern Ontario, Canada. Cliffs Natural Resources is currently undertaking an environmental assessment for Black Thor as part of its project development plans, and once constructed anticipates the production of ore for both direct sale and integrated ferrochrome production. Cliffs has also announced a commitment to engage with First Nations communities affected by the development to ensure the creation of opportunities for enhanced social wellbeing and economic prospects for those communities ….”  (Source:  Anglo Pacific Group news release, 2 Aug 11)
  • Ring of Fire Resources getting out of McNugget property?  “Ring of Fire Resources Inc. announces that it has engaged IBK Capital Corp to divest its 36.75% interest in its McNugget JV Project for cash. Macdonald Mines Exploration Ltd. (“BMK”) has the remaining 63.25% interest in the project and is the operator ….”  (Source:  Ring of Fire Resources news release, 4 Aug 11)

Summary of more open source information and sources cited (1-4 Aug 11) also available here (PDF).

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