Ring of Fire News


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

Ring of Fire News – January 17, 2014

  • Ring of Fire digging continues for some  Fancamp Exploration Ltd. is pleased to report that based on an announcement made KWG Resources Inc. and Bold Ventures Inc., the joint venture partners that optioned Fancamp’s Koper Lake Polymetallic Project, will resume drilling at the Black Horse Chromite Occurrence (refer to the January 6, 2014 news releases by KWG and Bold ).  Mr. Jean Lafleur, Fancamp’s President and CEO, stated “ This is encouraging for Fancamp as it indicates the strong interest that Bold and KWG have in advancing the Koper Lake Project and moves the joint venturers closer to the significant cash payments which would be due to Fancamp should the participants move to the next phase of the Joint Venture agreement. ” KWG is financing a further $2 million program under its agreement to earn from Bold Ventures Inc. an 80% interest in any chromite discovered within the claims optioned by Bold from Fancamp hosting Black Horse  ….” – more here
  • Cliffs Natural Resources Inc. …. said it intends to announce unaudited 2013 fourth-quarter financial results after the U.S.-market close Thursday, Feb. 13, 2014.  The Company invites interested parties to listen to a live broadcast of a conference call (the next day) with securities analysts and institutional investors to discuss the results ….”
  • Trade-Ideas LLC identified Cliffs Natural Resources as a pre-market leader candidate. In addition to specific proprietary factors, Trade-Ideas identified Cliffs Natural Resources as such a stock due to the following factors:  CLF has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $192.2 million ….”
  • Brean Capital initiated coverage on shares of Cliffs Natural Resources in a research report sent to investors on Monday morning, TheFlyOnTheWall.com reports. The firm issued a hold rating and a $22.00 price target on the stock.  Cliffs Natural Resources (NYSE:CLF) traded up 2.59% on Monday, hitting $22.94. The stock had a trading volume of 9,445,096 shares. Cliffs Natural Resources has a 52 week low of $15.41 and a 52 week high of $38.55. The stock has a 50-day moving average of $24.64 and a 200-day moving average of $22.66. The company’s market cap is $3.513 billion ….”
  • More “glass is half full” messaging from Bob Rae  “Former Liberal leader Bob Rae says the Ring of Fire has high quality natural resources and shows great potential “but it’s how we take advantage of this potential that counts.”  Rae was in (North Bay) on Jan. 9 as the keynote speaker for the Northern Gateway Branch of the Canadian Institute of Mining’s annual meeting and luncheon held at the Davedi Club.  Rae is currently negotiating with the Province of Ontario for First Nations communities that will be impacted by the Ring of Fire development project, a contract he started last summer.  As such he represents nine different communities and says they have concluded discussions about the regional framework around the proposed Ring of Fire. “I can’t be more specific than that, but we are making really good progress.”  He told the mining company representatives at the meeting that First Nations communities, and others in the Ring of Fire area “should be able to benefit economically through resource revenue sharing.  “I’ve never met a Northerner yet who didn’t feel that while the development was taking place here, the benefits were not coming back. First Nations feel that same way. They know you can’t rely on the government to produce the cheques, because those cheques just get smaller and smaller, they don’t get bigger.”  Wanting not only a part of the financial benefits, but to be included as part of the development team is not a new expectation for First Nations ….”
  • Ring of Fire mentioned in Ontario think tank competitiveness report  “…. Ontario’s task force on competitiveness and productivity recently released its 12th annual report and discovered that after inflation, Ontario’s gross domestic product has grown by just 6 per cent since 2002. That paltry growth has left the province 14th among comparable provinces and U.S. states, with only Florida and Quebec lower …. The Ring of Fire, the still-undeveloped mineral deposits in far Northern Ontario, would be a boon to the region and the province. But one major U.S. company has already gone home. Others might follow, so difficult will be the demands of the area’s first nations and so protracted will be the negotiations. Training at least some aboriginal workers for the wage economy is highly desirable, yet as the task force reluctantly acknowledges, previous such dreams have often crashed against “the poor skill level and lack of interest from local workers.” ….”
  • First, it was blimps as the solution to getting big, heavy things into remote areas.  Now?  “While the battle over the mode and route of a fixed transportation link to Northern Ontario’s mineral-rich Ring of Fire drags on, a novel means of transporting construction material and equipment into the remote, waterlogged James Bay lowlands is being proposed by the Sudbury-based Centre for Excellence in Mining Innovation (CEMI).  Hoverbarges, which travel on a cushion of air, can carry hundreds of tonnes of material year-round, unlike ice roads, which can only be used seasonally, according to CEMI president Doug Morrison.  It will take years to build a road or railway to Cliffs Natural Resources’ massive chromite discovery and Noront Resources’ proposed nickel and PGM project 330 kilometres north of Ontario’s existing transportation infrastructure.  Using hoverbarges to transport the vast quantity of construction material and equipment needed for the development of the mines “is a means of making sure the project will move forward before the fixed link is constructed,” said Morrison. Hoverbarges, he added, can also be used to transport material and equipment for the construction of the 30 or more bridges that would be required for a fixed transportation corridor ….”

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