Ring of Fire News


What's up with the biggest thing happening in mining in NW Ontario?

Ring of Fire News – 30 Jan 12

  • North Bay Tory MPP outs Ontario’s Ring of Fire Co-ordinator following chat.  “Nipissing MPP Vic Fedeli chastised the McGuinty government Friday for mismanaging the vital Ring of Fire mining development in Northern Ontario and causing unnecessary delays. The development schedule for the major companies has already been pushed back a year to 2016. Today, Dalton McGuinty’s Ring of Fire coordinator, Dr. Christine Kaszycki, admitted to Fedeli at a conference in North Bay that she has NEVER stepped foot on the site.“I was shocked to learn that she has never set foot in the Ring of Fire. No wonder this project is stalled!” exclaimed Fedeli, who toured the site himself last summer and is working to arrange a sales trip for local firms there this spring.“ The government says one thing, but doesn’t actually do anything. All they’ve done is hire people, built a bureaucracy, and not actually done any work. That’s why the projects are delayed another year.” The Ring of Fire may prove to be the largest mining discovery of the last 100 years. This massive deposit of chromite located west of James Bay could create prosperity for the North for decades to come. “This dithering is unacceptable at a time when we’re desperate for good-paying private-sector jobs in Ontario and need to create prosperity to dig ourselves out from the $16-billion deficit hole Dalton McGuinty has dug for us,” said PC Northern Development and Mines Critic and Parry Sound-Muskoka MPP Norm Miller.“It’s time for real leadership on this issue. ”Miller, who’s also toured the site, added that since the October election, the Ministry of Northern Development and Mines hasn’t issued a single news release focused on The Ring of Fire, and Minister Rick Bartolucci only seems to talk about it when pressed by the media. In a speech in Timmins this week, Ontario PC Leader Tim Hudak pledged the PC party would move swiftly to turn the Ring of Fire into a job-creating reality. As part of the PC platform, Hudak would appoint the Minister of Northern Development and Mines as the Ring of Fire coordinator ….” Source (or MPP news release at Scribd.com ) – Moremore
  • Ontario Tory leader repeats Ring of Fire, Far North Act messaging in Timmins.  “Ontario Opposition Leader Tim Hudak won a round of applause in Timmins Wednesday when he said he wants to scrap the controversial Far North Act. Hudak was in Timmins as part of a week long tour of the North. He was accompanied by Nipissing MPP Vic Fedeli and former Timmins-James Bay PC candidate and Kapuskasing mayor Al Spacek. The Far North Act, known as Bill 191, was passed by the previous Ontario government in 2010 to regulate development and to ensure that the far Northern areas of Ontario would continue to be pristine and that any future development would involve consultation and participation of First Nations. In doing that, the Liberals decided that roughly 50 per cent of the land mass of the far north would have no development at all. Mining and logging would be severely restricted. Speaking to a Timmins Chamber of Commerce luncheon on Wednesday, Hudak called Bill 191 “a colossal ball of red tape” that he said would turn Northern Ontario “into a virtual museum.” Hudak claimed the act did not take in the interests of Northerners but instead was inspired by the concerns and criticisms of Southern Ontario special-interest groups. “They want see Northern Ontario as one giant park,” said Hudak. He added that the Progressive Conservative party wants to focus on job creation in the North and investment in Northern businesses. “And if I had the honour of being premier of the province of Ontario, I will scrap the Far North Act once and for all,” said Hudak …. Hudak said a similar concern is arising now with the Ring of Fire development. The Ring of Fire refers to a series of rich chromite orebodies discovered in the McFaulds Lake area north of Webequie. “This is not just a once-in-a-generation, not just a once-in-a-lifetime; it’s a once-in-a-century opportunity. We’re talking about tens and tens of billions of dollars of wealth and prosperity,” said Hudak. He said the current Liberal government is dragging its feet on the development of that venture. “We’ve had lots of lip service but no action,” in bringing that to reality he said …. ”  Source
  • Cliffs:  Still aiming at 2015 mine, processing plant opening.  “Cliffs Natural Resources said Friday it still plans to open a chromite mine and plant by 2015, despite claims by a Conservative MPP that development of the so-called Ring of Fire area has been pushed back to 2016. “There has been no changes for the Ring of Fire chromite project timeline established by Cliffs,” said Patricia Persico, a Cliffs Natural Resources spokeswoman, when contacted by The Star. Earlier Friday, Nipissing MPP Vic Fedeli accused the McGuinty government of mismanaging the Ring of Fire, a huge, mineral-rich tract of land in northwestern Ontario. Fedeli said development of the Ring of fire has been delayed to 2016 from 2015, and he blamed the provincial government and its Ring of Fire co-ordinator, Christine Kaszycki….”  Source
  • Sudbury Mayor:  (Maybe) a spring announcement re:  where the big processing plant’ll go.  “Cliffs Natural Resources may decide where to put its $1.8-billion ferrochrome processing facility by early spring, (Sudbury) Mayor Marianne Matichuk said at a Rotary Club gathering on Monday. “They are looking at investing. They haven’t made their final decision. We’re doing what we can,” said Matichuk, referring to meetings between city officials and the mining company this past fall. While Cliffs is looking at several Northern Ontario locations, the Moose Mountain Mine Site, about 20 kilometres from Capreol, was used as its base case for the Chromite Project. The ferrochrome facility will handle chromite ore from the company’s Black Thor deposit in the mineral-rich Ring of Fire area of northwestern Ontario. The plant would create as many as 500 jobs. While little information was released about the city’s meeting with Cliffs, Matichuk said on Monday that the company may make their decision soon. “We’ve been told early spring, but that’s up to the company,” she said. Last week, when contacted by The Star, a company official said Cliffs has no news on when a decision was going to be made ….”  Source
  • Meanwhile, Thunder Bay’s Mayor reminds us there’s more than one player in the Ring of Fire.  “(Thunder Bay) Mayor (Keith) Hobbs is excited about prospects for the “other” player in the Ring of Fire mining zone. In a speech to the Thunder Bay Rotary Club, Hobbs praised Noront Resources for its plans for the mineral rich area. He says we are finding out quickly that Cliff’s Natural Resources isn’t the only player there. Noront is making a presentation in the near future to council on it’s Eagle’s Nest project.”  Source
  • Kenora MPP tells Twitter about visit to Noront operation.  “@Sarah4NWO Thank you to Gilles Bisson @BissonGilles for organizing the trip to Attawapiskat and the Ring of Fire. Two very informative days ….  Just got back from the Noront Esker Camp. Impressed with their innovation and environmental stewardship …. An aerial view of @NorontResources Esker Camp in the Ring of Fire. From our Wednesday tour. http://pic.twitter.com/vZmXM9p6 ….  I posted 35 photos on Facebook in the album “Attawapiskat/Ring of Fire trip” http://fb.me/17bq0ov9c Source more moremore
  • New Ontario Chamber of Commerce report includes a few Ring of Fire mentions.  “…. Northern Ontario’s Ring of Fire is hailed as the most promising mining opportunity in Canada in a century …. Maximizing opportunities from the Ring of Fire will require consultation with Aboriginal peoples, and with a variety of stakeholders, as well as adequate infrastructure, energy supply, and environmental stewardship …. Maximize resource development: Ensure that investments in the Ring of Fire generate the greatest benefits for Ontario ….”  “Emerging Stronger” report (PDF) more
  • Matawa First Nations:  Big $ needed to help potential Ring of Fire workers deal with prescription drug abuse.  “Matawa First Nations leaders are proposing a $34 million strategy to halt prescription drug abuse — a strategy that would fund addiction and mental health workers in nine communities. And perhaps, most importantly, the plan would include ongoing care. Breakdown of the costs for Matawa First Nations drug strategy: Of the $33.6 million proposed to roll out the plan, about $20 million would be allocated to the nine First Nations that fall under the Matawa umbrella. There would be more than $10 million for two residential treatment/healing centres at Constance Lake and Eabametoong, and about $1.8 million for Matawa regional initiatives. Diane Andrews, an alcohol and drug abuse worker at Constance Lake First Nation, said many people return from addiction treatment, only to relapse, because there is no aftercare in the community …. With a price tag of close to $34 million, the dream is a big one. That money would pay for dedicated staff in each of Matawa’s nine First Nations to treat addictions, manage withdrawal and provide mental health services. It would also create residential treatment centres located in Constance Lake and Eabametoong, as well as reinforce cultural pride and education to help prevent drug abuse in the first place. To pay for it all, Matawa will approach the federal government and make a pitch for private donors like Ring of Fire mining companies, who may want to invest in an addiction-free workforce.”  Source
  • Matawa seeks “Mining Advisor”.  “Matawa First Nations Management requires a highly skilled and self-motivated Mineral Exploration Mining Advisor (Mining Advisor) that has the professional ability to advise First Nations on mineral exploration and mining projects on matters related to engaging the mining industry, community consultations, early exploration agreements, and impact and benefit agreements. In addition, the Mining Advisor must keep abreast of mining claims and companies operating in the Matawa region; interact with companies and provide them information on the Matawa communities and vice versa; and facilitate discussions between companies and First Nations. The Mining Advisor is not expected to provide detailed technical advice on mineral exploration or mining in each stage of the mining cycle but is able to provide general advice and to champion the development of working relationships between the companies and First Nations ….”  Job posting (PDF) Alternate download site for job posting (PDF)  Matawa’s previous Mining Exlporation Advisor?  Raymond Ferris, who started work as Matawa’s Ring of Fire Co-ordinator about a year ago.  Source

More open source information (excerpts from information monitored 1-28 Jan 12 (PDF) here. All information shared here in accordance with the Fair Dealing provisions (§29) of the Copyright Act. We’re not responsible for the accuracy of the source material, and inclusion of material doesn’t mean endorsement. 

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Ring of Fire News – 23 Jan 12

  • More on Cliffs project cost estimates (including a judicious almost-no-comment from Northern Development Minister Rick Bartolucci, and a “no, we haven’t settled on smelter site yet” from the company)  Cliffs Natural Resources is looking to spend close to $3 billion to get its chromite project in Northern Ontario into production, with $1.8 billion of that going to build a ferrochrome processing plant, the company said this week. Cleveland-based Cliffs released its 2012 capital expenditure plan Thursday. The company said it will spend $150 million to develop the Black Thor mine site, one of three sites it controls in the Ring of Fire, and $800 million to construct a near-mine concentrating plant. Not included in those estimates is $600 million to build an all-weather road it says will benefit remote northern communities and other Ring of Fire mining projects. Because of that, Cliffs says it will be looking to private and “government entities” to share the cost of the road …. Cliffs spokeswoman Patricia Persico wouldn’t say if Cliffs is showing a preference for a location for the chromite processing plant. “Cliffs understands there are many interested stakeholders following this project,” said Persico in an e-mail Friday afternoon. “We have not made a decision about the location of the ferrochrome processing facility, nor do we have a target date to share,” she said. “Cliffs is still assessing and evaluating a number of alternative locations to select a preferred site to locate and develop the prospective ferrochrome production facility.” …. Sudbury MPP Rick Bartolucci was appointed Northern Development and Mines minister after last fall’s provincial election. Bartolucci said Friday he can’t speak for Cliffs, “nor can we speculate as to what the company might request in terms of support from various levels of government. “Cliffs is best positioned to speak to its own financial matters and business plans. It is premature to comment on what, if any, investment/ support might be negotiated between the province and the company. “Any discussion of this nature would occur directly with the company,” said Bartolucci ….”  Sourcemore (company news release & highlights) – moremoremore
  • Greenstone’s mayor getting antsy about where the smelter will be going?  “Greenstone Mayor Renald Beaulieu says the time for talk has past. Beaulieu, in Thunder Bay for a presentation on economic development success in Northern Quebec and how it might transfer to Ontario, on Wednesday said endless consultation has really gotten the province nowhere. Anxious to learn whether or not his community will see direct benefits from a planned ferrochrome processing facility tied to the lucrative Ring of Fire development, Beaulieu said it’s time for action now. “It’s real jobs that we want to see, so I think the province will have to step up to the plate on this development,” said Beaulieu, referring specifically to the (ferrochrome processing facility) FPF that seems destined for the Sudbury area, based on the company labeling the Nickel City as its base case scenario. “I think that missing link is there right now. I find we need more involvement from the province in our area, for example, with the electricity piece. That’s so important. Greenstone has put the Greenstone plan in place and we’ve got a lot of support behind it, but we’re not hearing much.” …. “I don’t want to lose (sight of) the fact that our First Nations deserve to get a lot of the services that are in the area. And that’s a missing link too,” he said, adding finding an energy solution for the remote communities has been talked about for decades. “I was mayor in Longlac from 1982 to 1994, and I call tell you being mayor of Greenstone, 25 to 30 years later, the electricity piece is still a problem. What are we waiting for? Let’s get something if we want to help Northwestern Ontario.” ….”  Source
  • Fednor Minister:  Hey, you’ll have to talk to Queen’s Park about forcing companies to process chromite in Ontario.  “As the federal minister for Northern Economic Development, Tony Clement says he would like to see processing of minerals from the Ring of Fire done in Northern Ontario. However, Clement says it is up to the provincial government to make that happen. Officials with Cliffs Natural Resources, a Cleveland-based company looking to develop a chromite mine within the James Bay lowlands, have publicly expressed interest in doing some of the processing in Asia. “We’d like to see more of the processing here but one of the major impediments are energy costs,” Clement said during a stopover in Timmins on Monday. “That’s Mr. (Dalton) McGuinty’s bailiwick. He’s got to do his job as premier of this province to get energy costs more in line.” ….”  Source
  • Noront Resources holds open houses in Neskantaga and Eabametoong (Fort Hope) last week, according to the company’s Twitter feed.  Sourcemore
  • More inter-company mining property wrangling (1)  UC Resources Ltd. is pleased to announce that it received final approval on the sale of its interest in the McFaulds Lake area property from the TSX Venture Exchange on January 4, 2012 and closed the sale on January 6, 2012. In its letter to UC, the TSX Venture Exchange further advised that a bulletin will be issued upon notification from the Company of the closing of the transaction on January 6, 2012. On November 10, 2011, UC Resources announced that it had entered into a definitive agreement with Freewest Resources Inc., a wholly owned subsidiary of Cliffs Natural Resources Inc., for Freewest to acquire 100% of the UC owned 55% Joint Venture Interest in the McFaulds Lake area property, subject to and in accordance with the Joint Venture Agreement dated as of July 26, 2011 between KWG Resources Inc., Cliffs Chromite Far North Inc. (f/k/a Spider Resources Inc.), a wholly owned subsidiary of Cliffs, and UC Resources ….”  Source
  • More inter-company mining property wrangling (2)  “Murgor Resources Inc. announced today that it has acquired the remaining 50% interest in the Pusticamica Gold-Copper deposit in northwestern Quebec from Cliffs Chromite Ontario Inc. In an agreement signed on January 13, 2012, Murgor acquired the interest through a one-time cash payment of $50,000. Cliffs Chromite retains a 1% NSR royalty on the property of which Murgor can buy back a 0.5% NSR by paying $500,000 to Cliffs Chromite. The Pusticamica Deposit is located at the core of the Benoit property, approximately halfway between the Val D’Or and the Chibougamau mining districts, one kilometre SE of the town of Miquelon in northwestern Québec. Following this agreement, Murgor now owns a 100% interest in the Benoit Property and the Pusticamica Gold-Copper deposit. “The Benoit Property has been in Murgor’s portfolio since 1995 but the split ownership has long been an issue to advance the project,” said André Tessier, President and CEO of Murgor Resources …. ”  Source
  • Melkior Resources Inc. has complete assays for base metals from samples submitted from its 2011 drill program on its wholly owned McFaulds East Rim property in northern Ontario. Eight holes totalling 1768.8 metres were drilled to test a series of electromagnetic and magnetic anomalies, which were accessible during the summer months. The eight holes were widely spaced ranging from 3 km up to 12 km apart …. these eight holes provided important information on geology, especially on lithological units (which are hidden by at least ~ 30 metres of Paleozoic rocks) and geochemistry which could be used for future drill programs …. All drill core from the 2011 drill program at McFaulds was logged, split and sampled at Billiken McFaulds camp …. The East Rim property comprises 101 claims totalling 192 square kilometres, located in the Ring of Fire, McFaulds, James Bay Lowlands in northern Ontario. It covers a large gravity anomaly similar to the anomaly coincident with the nearby nickel and chromite deposits …. “  Source
  •   Calls for more resources (and more input into the process) for First Nations to do environmental assessments.  “Anishinabek Nation Southwest Regional Chief Chris Plain says that First Nations are being burdened by environmental assessments and communities are not able to participate in all consultations regarding aboriginal and Treaty rights with Ontario or the federal government. “The benefit of undertaking an environmental assessment is that environmental effects may be identified, minimized, mitigated or avoided,”” says Regional Chief Plain. “”Each federal and provincial governing body has its own requirement and process.”” But Chief Plain says that First Nations often do not have the resources or technical staff to comment on proposed projects’ environmental impacts. The consultation process is inadequate and fails to meaningfully consider many values of importance to First Nations. Effective consultation should mean more than how many First Nations are consulted by the Crown or project proponents. “First Nations in the present environmental assessment process are mere stakeholders,” says the Regional Chief. “They have no power or authority over the design of the process or the ultimate decision. First Nations should be directly involved as it is their traditional territory that is being impacted by the decision-making of others.” ….”  Source

More open source information (excerpts from information monitored 1-21 Jan 12 (PDF) here.  All information shared here in accordance with the Fair Dealing provisions (§29) of the Copyright Act.  We’re not responsible for the accuracy of the source material, and inclusion of material doesn’t mean endorsement.

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Latest Numbers for Cliffs Chromite Project

This from Cliffs 2012 Capital Expenditure Plan just out – highlights mine:

…. Cliffs controls three large chromite deposits in Northern Ontario, Canada. With a timeline to begin production in 2015 from its wholly owned Black Thor deposit, Cliffs is currently in the prefeasibility study phase of the project. As part of prefeasibility, the Company continues to evaluate many factors, scenarios and strategic alternatives that may ultimately impact future investment and timing of the project.

At the time of Cliffs’ initial investment in chromite assets in 2009, the Company predicated preliminary comments for capital requirements on a baseline expectation of a project annually producing approximately 600,000 tons of ferrochrome. Subsequently, and after significant additional prefeasibility work, Cliffs now anticipates an expanded project annually producing 1 million tons of export chromite ore concentrate in addition to the original 600,000 tons of ferrochrome.

Preliminary capital estimates for the project, based on prefeasibility work completed to date, include the following major engineering components:

  • Mine development — Approximately $150 million
  • Near-mine Concentrating Plant — Approximately $800 million
  • Ferrochrome Processing Facility — Approximately $1.8 billion

Cliffs also estimates that an integrated transportation system, including an all-weather road servicing the project, would require further investment totaling approximately $600 million, which was not included in Cliffs’ initial investment estimate. However, because this transportation system is provincial infrastructure required for the general use of remote northern communities and other Ring of Fire mining projects, Cliffs anticipates its commitment to invest in the all-weather road would be partial, with the balance to be contributed by other industry participants and government entities.

Cliffs indicated that, although it believes the chromite deposits it controls are world-class, a number of additional studies, including feasibility, and other project milestones need to be achieved before the Company begins allocating a significant portion of capital to the project’s construction. Based on the completion of these, Cliffs anticipates a majority of the project’s anticipated capital requirements would be made in 2014 and 2015, with an early works program initiated prior to 2014 to maintain project execution timeline. More information about the project will be provided upon completion of the prefeasibility study in the first half of 2012 ….

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Ring of Fire News – 19 Jan 12

  • Editorial call for more all-season roads into the remote north (and not JUST for the Ring of Fire) following a fatal plane crash near North Spirit Lake.  “…. The accident comes within a week of Aboriginal leaders in Northern Ontario and Manitoba calling on their respective provincial governments to consider speeding up plans to increase the number of all-weather roads to remote, fly-in reserves. It could be money well spent. Economically it could vastly reduce the cost of goods and services on the reserves, along with lessening the need for harrowing wintertime flights into and out of the communities. And it doesn’t necessarily have to be solely on the backs of taxpayers. The roads, which NAN Grand Chief Stan Beardy said should run along the east-west corridor, could also be vital links for the Ring of Fire and other mining projects. Certainly, with billions at stake, the mining companies can be expected to contribute heavily to the construction of the roads, while helping to improve the lives of those whose traditional lands they’ll be developing.”  Source
  • Ring of Fire helping Thunder Bay airport’s business  “2011 was the busiest year ever for Thunder Bay International Airport. The airport hosted 719,500 passengers, eclipsing the 2010 volume of 691,826 which represents a 4% increase year over year. The increased interest in the mining sector, and in particular the “Ring of Fire” appear to be the big factors in the increased growth …. “  Source
  • Rookie Conservative MPP for Nipissing, Vic Fideli, says Ring of Fire one of his big files  “…. the Ring of Fire. I work on this file a lot, because there are approximately 70 mining and manufacturing companies in the riding of Nipissing, and the Ring of Fire is the largest mining opportunity to come our way in a century, so I want to see that Nipissing is positioned well to take advantage of it. I talked to your paper before when I flew into the Ring of Fire. I am one of the rare few politicians who ever set foot in the Ring of Fire. When I flew in, a big smile came into my face when I saw the blue and white tent knowing that they are made in Rutherglen, in our riding at Canadian Tentex. They are responsible for building the town. Then as soon as I got off the helicopter I saw piles of drill rods and knew they were made in Powassan and half a dozen other places in and around North Bay. So this is our place. The Ring of Fire is where we need to be, we need North Bay to be there front and centre. So I spend a lot of time on that file, either mentally or meeting with organizations to move our agenda in that area ….”  Source
  • Ring of Fire Resources Inc. provides update on its projects Source (PDF table)
  • Cliffs Natural Resources Inc. …. announced that its Board of Directors declared a quarterly cash dividend on the Company’s common shares of $0.28 per share. The cash dividend will be payable on March 1, 2012, to shareholders of record as of the close of business on Feb. 15, 2012 ….”  Source
  • Anglo Swiss Resources Inc. announces the grant of 7,000,000 incentive stock options to purchase common shares of the Company at $0.10 per share for five (5) years to directors and officers of the Company. The grants are subject to acceptance by the TSX Venture Exchange. The Company has closed the private placement announced on November 7, 2011. Closing of the second and final tranche was announced on December 29, 2011. About Anglo Swiss: Anglo Swiss Resources Inc. controls a highly-prospective, Canadian precious and base metal exploration property portfolio which includes its flagship 100%-owned Kenville Gold Mine property in southeastern BC, as well as its 100%-owned Lansdowne House, Ring of Fire nickelcopper- PGE project in northwestern Ontario …. ”  Source

More open source information (excerpts from information monitored 1 Dec 11-15 Jan 12 (PDF) here.  All information shared here in accordance with the Fair Dealing provisions (§29) of the Copyright Act.  We’re not responsible for the accuracy of the source material, and inclusion of material doesn’t mean endorsement.

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Ring of Fire News – 9 Jan 12

  • While not in the Ring of Fire area, another court decision giving First Nations more say in development in their back yards.  “In a decision of the Ontario Superior Court of Justice, released January 3, Madam Justice Brown ordered that Solid Gold Resources Corp. cannot carry on any further exploration activity on its claims block for 120 days, and that during this time the company and the Ontario Crown must engage with Wahgoshig in a process of meaningful consultation and accommodation about any such further exploration. She ordered that if this process is not productive, Wahgoshig can go back to court to seek an extension of the injunction. Solid Gold’s mining claims block is in the heart of Wahgoshig’s traditional territory, on land that is of significant importance to Wahgoshig. Solid Gold came onto this land and started drilling without any consultation or accommodation occurring first. The court decision clearly finds this to be wrong ….” First Nation news releaseCourt decision (HTML) – Court decision (PDF) – More more more – more
  • Premier following latest court decision:  up to businesses to consult with First Nations.  “…. Premier Dalton McGuinty would not comment directly on the ruling Thursday but he waved aside questions about whether this would make relations between First Nations and exploration companies more difficult. “There is an important legal obligation now placed on businesses to consult in a formal and thorough way,” he said after an announcement in Waterloo, Ont. “We need to get beyond the times where First Nation communities and the interests that they had in resources were given short shrift and were disrespected.” That obligation to consult, he added, is there “for a good reason.” “We fully expect that if businesses have an interest in pursuing these kinds of explorations, that they will consult.” ….”  Sourcealternate source if first link doesn’t work (PDF)
  • A former provincial energy minister-turned-consultant said First Nations will have the ultimate say on how the Ring of Fire mineral developments will unfold, and that includes the location of a proposed ferrochrome smelter. George Smitherman is pitching for the furnaces to be located in the northwestern Ontario municipality of Greenstone, and the village of Exton, which is already designated as a future ore transloading junction. Cliffs Natural Resources has maintained Sudbury is the frontrunner among four Northern Ontario communities to land the processing plant, and its 400-plus jobs, but only if provincial power rates are competitive with neighbouring jurisdictions. The international miner is expected to name the site for the plant sometime this year. “If the company persists in seeing the decision narrowly on the basis of power, then this has great project risk.” ….”  Source – A reminder:  Smitherman is working for the Municipality of Greenstone and Aroland First Nation trying to get a smelter into that part of northwestern Ontario.
  • Lakehead University economist worried about implications of Conference Board of Canada report for Thunder Bay’s port, Ring of Fire.  “The new report by the Conference Board of Canada titled Northern Assets: Transportation Infrastructure in Remote Communities on transportation in northern Canada provides a case study of Churchill Manitoba as a potential international gateway that may give the Port of Thunder Bay some cause for concern. The Port of Churchill and its Bay Line rail line play a key role in what is referred to as the Government of Manitoba’s Churchill Gateway System. Churchill could increase its role as a shipping hub by diversifying the range of agricultural products it handles and by increasing its share of Nunavut-bound freight—especially for mining projects. As well, climate change and melting sea ice is opening up the possibility of developing polar shipping lanes between Churchill, Asia, and Europe …. Alarm bells should be ringing in Thunder Bay given that this new strategy is not just a Manitoba government lobbying strategy but now also seems to have been given the blessing of the Conference Board of Canada. What’s next? A call for Federal government funding to build a rail link from Churchill to the Ring of Fire?”  Source Conference Board reportalternate report link if first link isn’t working (PDF)
  • Predictions (1)  Lakehead University economist:  “As 2012 dawns, Ontario’s Northwest begins another year of change and anticipation of change …. Despite the new knowledge economy, rocks and trees will still be important to the regional economy in 2012. However, despite the promise of the Ring of Fire, nothing substantial will happen without the cooperation of the First Nations, competitive energy prices and new transportation infrastructure ….”  Source
  • Predictions (2)  “…. Patrick Dillon, Business Manager of the Provincial Building and Construction Trades Council of Ontario, said work is currently picking up in transportation, mining and utility projects. All areas of the province will be seeing growth, like the north, where mining is getting stronger, roads need to be built and the Ring of Fire has potential for huge growth. “We as industry partners are really going to have some forethought and discussion, basic understanding between us about the Ring of Fire. It’s pretty remote and it’s going to take a pretty major construction workforce to supply,” said Dillon ….”  Source
  • Ring of Fire junior miner, KWG Resources announced it’s raised $1.75 million through flow-through shares to help pay for exploration at its high grade chromium project in the James Bay lowlands. In a Dec. 30 release, the Montreal-based company said it’s using the proceeds to fund half of its current drilling program at the Big Daddy deposit, currently being conducted by Cliffs Chromite Far North, formerly Spider Resources. Of the 17,500,000 units issued at a price of $0.10 per unit, insiders of the company purchased 2,500,000 units, or 14 per cent of the offering.”  Source KWG news release
  • Noront Resources Ltd. is pleased to announce the completion of the private placement financing originally announced on November 29, 2011.  Noront has issued 4,073,800 total flow-through common shares (“Flow-Through Shares”) at a price of $0.86 per Flow-Through Share for gross proceeds of $3,503,468. Dundee Securities Ltd., acted as lead agent on behalf of a syndicate including Raymond James Ltd.  In connection with the Offering, the Agents received a cash commission equal to 5.0% of the gross proceeds raised under the Offering. All securities issued will be subject to a four month hold period under Canadian securities laws. The gross proceeds from the sale of the Flow-Through Shares will be used for Canadian Exploration Expenses (“CEE”), with the Company to use best efforts to qualify such CEE as “flow-through mining expenditures”, to fund ongoing exploration activities on the Company’s McFauld’s Lake project. Such CEE will be renounced in favour of the subscribers of the Flow-Through Shares effective on or before December 31, 2011 ….”  Source
  • Green Swan Capital Corp. has successfully secured financing to fund a mining joint venture it has been working on with Melkior Resources Inc.  The Ottawa capital pool company raised $647,019.98 via flow-through and cash financings. Flow-through financing included 1,807,846 shares at 13 cents per share, and the cash financing comprised 4,120,000 units at 10 cents a share. Last August, Green Swan announced it was looking to acquire an option to purchase up to a 70-per-cent interest in Melkior’s RiverBank and Broke Back claims in the Ring of Fire area of northern Ontario ….”  Source

More open source information (excerpts from information monitored 1 Dec 11-6 Jan 12 (PDF) here.  All information shared here in accordance with the Fair Dealing provisions (§29) of the Copyright Act.  We’re not responsible for the accuracy of the source material, and inclusion of material doesn’t mean endorsement.

Filed under: Uncategorized, , , , , , , , , , , , , , , , , , , , , , , , , , , ,

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