Ring of Fire News

Icon

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

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.

Advertisements

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

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: