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#RingOfFire (#RoF) News – April 4, 2016

  • More federal budget reaction Roads may come before mines — With the excitement that used to accompany potential Ring of Fire mining development pretty much worn off these days, mining companies and job-seekers alike might have to get used to a go-slow approach that could last several years, if not decades. That was the feeling on Wednesday, the day after the federal Liberals failed to reference the rich mining belt in their first budget. “I think things are still moving forward (in the RoF), but maybe at a snail’s pace,” said Garry Clark, the Thunder Bay-based executive-director of the Ontario Prospectors Association …”
  • One company’s take on the budget Ring of Fire player says federal budget will help — Officials with KWG Resources said they are pleased the federal government allocated money in last week’s budget that will help develop the Ring of Fire …” – “KWG Applauds Important Canadian Governmant Budget Support (company statement)
  • One NDP MP’s take: Hughes – The Devil is in the details with the federal budget — Canadians elected the Liberals in October with a lot of hope based on a campaign that promised the moon to just about anyone dissatisfied with Stephen Harper’s time in office. Now that they have delivered a budget it’s time to compare those promises with what is being delivered. The result is a mixed bag that will take years to fully understand. In Northern Ontario big ticket issues like the Ring of Fire, FedNor, and Forestry were left unaddressed and the haze surrounding infrastructure commitments makes it impossible to say whether the region will benefit …”
  • Another NDP MP’s take: Angus: Show me the money — “Timmins-James Bay MP Charlie Angus wants a clear answer on whether infrastructure money is going to be spent on the development of the Ring of Fire mineral deposits. He says the multi-billion dollar project was overlooked in the both the Liberal platform and Liberal budget. Angus says Liberal MPs saying the government is doing its part through investment in clean water, education and First Nation infrastructure doesn’t cut it. Let’s not kid anyone here. Dealing with the crisis in education and lack of clean water is a constitutional and moral obligation of the federal government. They have to do this work. It should not be spun as the Liberals getting a multi-billion dollar mining project off the ground. That would be like pretending that fixing schools in Toronto is the federal role in building subways,” stated Angus …”
  • Liberal MP’s take: Ring of Fire not forgotten Ring on federal radar: MP — Historic investments in infrastructure and education for First Nations will help advance the Ring of Fire, says Sudbury Liberal MP Paul Lefebvre. In last week’s federal, the Liberals allocated $8.4 billion to be spent on First Nations in the next five years. There was no specific mention of other infrastructure investments in the rich chromite deposits in the James Bay Lowlands in the budget. Lefebvre said no projects were identified anywhere in Canada, but billions will be invested in such projects. The money for First Nations will be invested in decent housing and potable water for indigenous people who badly need them. Many of the First Nations that will receive funding are located in northwestern Ontario, in and around the Ring of Fire. Investments in basic necessities “all go together” with money the federal government may spend on other infrastructure such as roads, rail and hydroelectric systems …”
  • A Tory MPP remains underwhelmed by Ontario’s 2016 budget “Northern Minister Michael Gravelle’s Letter to the Editor (Showing priority of Northern Ontario, March 10) fails to mention some key facts about the 2016 Liberal Budget … And as I spent seven hours in the lock-up reading the budget, I was shocked to see the short paragraph on the Ring of Fire was simply a re-announcement of the 2015 paragraph, which itself was a re-announcement of the 2014 paragraph! …”
  • KWG raising money … “KWG Resources Inc. was granted a waiver by the Canadian Securities Exchange of its minimum share issuance price policy in order to complete a private placement of 75 million units for $1,500,000. Each unit will comprise one new treasury share and one warrant; each warrant may be exercised to acquire a further treasury share for $0.05 at any time within five years from closing …”
  • … as is Noront Resources “Noront Resources Ltd. … announced the closing of a non-brokered private placement of 1,500,000 units at a price of $0.35 per Unit for gross proceeds of $525,000 and 1,366,667 flow-through units at a price of $0.45 per Flow-Through Unit for gross proceeds of $615,000. The Company intends to use the proceeds for exploration activities and for working capital purposes …”
  • Commentary from a former provincial public servant Time to act on Ring of Fire — Remember the excitement and promise of the Ring of Fire? That’s the huge mineral deposit of chromite, nickel, gold, copper and platinum that was discovered in 2007, 500 kilometres northeast of Thunder Bay … The current state of the Ring of Fire is a story of lost opportunity …”
  • Soo’s Liberal MP using Ring of Fire as another reason for funding said port “Speaking during a Sault Ste. Marie Chamber of Commerce (SSMCOC) breakfast (March 30th), MP Terry Sheehan spoke about Canada’s steel industry, the Port of Algoma, middle class tax cuts, First Nations issues and opportunities for youth … The port project came up during the initial Northern Ontario caucus meeting. Sheehan said he brought it up during discussion by the Thunder Bay-area MPs regarding the Ring of Fire development. “Absolutely, because we have a port that can be used with the development of the Ring of Fire and opening all of that up there’s a huge opportunity for my community,” said Sheehan …”

 

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