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#RingOfFire (#RoF) News – August 20, 2017

  • We’ll see …  “Sources say Premier Wynne set to make Ring of Fire announcement —  Premier Kathleen Wynne is set to make an announcement about the Ring of Fire.  Sources tell CTV the premier is expected to be in Thunder Bay on Monday to make an announcement about the Ring of Fire, but at this point there are no details or confirmation from provincial officials …”
  • Meanwhile … “Ring of Pants-on-Fire: Kathleen Wynne’s ‘weeks, not months’ deadline blows by — This spring, Ontario’s premier seemed determined to speed up negotiations on developing the mineral-rich Ring of Fire — then, nothing happened. John Michael McGrath ponders why …”
  • Good question …  “Are the feds ready to buy into the Ring of Fire? – Transport minister launches national $2-billion transportation infrastructure fund — It’ll be a wait-and-see proposition if Ottawa is finally ready to invest in mining-related transportation infrastructure for Northern Ontario’s Ring of Fire.  Federal transport minister Marc Garneau announced some of the details behind the Trade and Transportation Corridors Initiative (TTCI) as part of the government’s “nation-building infrastructure plan” on July 4 …”
  • Ontario mines minister Michael Gravelle back @ work  “Just over 5 months ago, I announced that I was stepping aside as Minister of Northern Development and Mines to deal with depression.  This time has given me the opportunity to work more closely with my health team to better understand the struggle I’ve been experiencing and how best to heal and recover.  I’m pleased to say that, while I have been away, I have made great progress in understanding this illness and how to cope with and treat it. But, like many with depression, I am continuing the hard work it takes to feel better. I’ll be the first to admit I’m not there yet.  But I’m standing in front of you here … because I feel that I now have the strength to begin transitioning back to the work that I love to do, for my community, for the North and for Ontario …” moremoremoremore
  • Elsewhere on the political front … “Sault MPP Ross Romano says he’s hoping to schedule a tour of the Ring of Fire area and its nearby five Indigenous communities later this summer.  “There’s a few challenges that we’re addressing now,” Romano said during a Northern Ontario media conference call led by PC leader Patrick Brown.  Romano, elected in a provincial byelection just more than a month ago, has been named Northern Ontario’s critic of jobs and the Ring of Fire.  He said that since starting his role about 40 days ago, he’s met with executives from NorOnt on three occasions and has established a good line of communications with them.  “I’m running a lot of laps on this one,” he told The Sault Star. “There is an issue that needs to be resolved and I am trying to assist the Economic Development Corp., who is lead on this one, for their bid submission to NorOnt.”  Brown said if the PC’s form the next provincial government, he vows to build the Ring of Fire transportation corridor and dedicate the funds needed to do so in order to create opportunities in the North …”
  • #RoF First Nation meets the miners  “On Aug. 8 and 9, 2017, Marten Falls First Nation held the first of its kind Mining Symposium, in Thunder Bay, Ontario for its membership, the traditional land holders in the Ring of Fire. The Symposium provided a venue for the membership to meet the companies conducting mining and exploration activities in the traditional territory of Marten Falls. The format allowed for the presenters to personally discuss and address the issues and concerns of the traditional land holders …”more
  • Mining Analyst Stan Sudol Commentary  “Mines can create Indigenous middle class in Ring of Fire … Wynne must focus on “economic reconciliation” if she is not to appear as a political hypocrite. Finalizing a road into the Ring of Fire with community spurs will ignite the economic development and jobs that the impoverished Indigenous communities in the Ring of Fire desperately need.  And for First Nation leaders, who might be opposed to mineral development, they should consider that 150 years of government support has done little to create economic prosperity in their impoverished communities and the lack of initiative during the first two years of a left-leaning, pro-Indigenous Trudeau administration is very troubling. But as the Inuit in Nunavut have learned, sustainable mineral development of their resources can be the foundation of an Indigenous middle-class that they so rightly deserve.”
  • More on where Noront’s (proposed, for now) smelter’s going to go – “Toronto-based mining company Noront Resources revealed its plan to build a ferrochrome processing facility (FPF) in Northern Ontario (19 Jul 2017) at the Valhalla Inn to a crowd of about 130 people.  The company is considering locating the plant, which could initially create up to 350 jobs, in either Thunder Bay, Sault Ste. Marie, Timmins or Sudbury.  The Thunder Bay Community Economic Development Commission (CEDC) and Fort William First Nation Economic Development Corporation invited Noront to deliver a preliminary presentation about plans for the FPF, and to discuss any advancements with the Ring of Fire, a mineral-rich zone located 400 kilometres northeast of Thunder Bay …” more (City of Thunder Bay statement) – moremore
  • Meanwyhile, some ec-dev re-org @ the Soo  “The grim reality of economic uncertainty in Sault Ste. Marie has led to a shakeup in the northeastern Ontario city’s approach to economic development.  A day after council decided that the city’s model for the Economic Development Corp. (EDC) , and the Innovation Centre needed restructuring, with $444,656 cut from the EDC’s budget to be spent elsewhere, Tom Dodds, the Sault’s economic development CEO tendered his resignation on Aug. 1 … (Rob Reid, president and chair of the EDC’s board of directors) doesn’t expect these organizational changes to negatively impact the Sault’s bid to land a potential ferrochrome smelter to process chromite from the Ring of Fire …”
  • Analyst’s take on Noront (1)  Penny stock shareholders are becoming inquisitive about NORONT RESOURCES LTD (OTCMKTS:NOSOF), following the fact that the share price has moved $-0.006, reaching the $0.186 price level in a recent trade.  A big benefit of investing in small-cap shares is that there is a prospect to outpace the institutional investors. In addition, mutual funds have limits controlling their power to purchase large lots of any one firm’s outstanding shares …” (7 Aug 2017)
  • Analyst’s take on Noront (2)  “The stock of NORONT RESOURCES LTD (OTCMKTS:NOSOF) registered a decrease of 82.11% in short interest. NOSOF’s total short interest was 18,300 shares in August as published by FINRA. Its down 82.11% from 102,300 shares, reported previously. With 91,700 shares average volume, it will take short sellers 0 days to cover their NOSOF’s short positions.  The stock increased 0.88% or $0.002 on August 14, reaching $0.241 …” (14 Aug 2017)
  • Analyst’s take on Noront (3)  “When applying indicators for technical analysis, traders and investors might want to check out the ATR or Average True Range. The current 14-day ATR for Noront Resources Ltd (NOSOF) is currently sitting at 0.01. The ATR basically measures the volatility of a stock on a day-to-day basis. The average true range is typically based on 14 periods and may be calculated daily, weekly, monthly, or intraday. The ATR is not considered a directional indicator, but it may reflect the strength of a particular move …” (14 Aug 2017)
  • Fundraising news from KWG (1)  “KWG Resources Inc. is pleased to announce closing (1 Aug 2017) of an additional tranche of its previously announced private placement of units at a price of $0.021 per Unit. The Company issued a total of 2,868,428 Units for aggregate gross proceeds of $60,237 … The gross proceeds received by the Company from the sale of the Units will be used by KWG principally to improve its financial position, to pay the fees associated with this Private Placement and for general corporate expenses …”
  • Fundraising news from KWG (2)  “KWG Resources Inc. is pleased to announce closing effective as of June 30, 2017 of an additional tranche of its previously announced private placement of units at a price of $0.021 per Unit. The Company issued a total of 4,915,714 Units for aggregate gross proceeds of $103,230 … The gross proceeds received by the Company from the sale of the Units will be used by KWG principally to improve its financial position, to pay the fees associated with this Private Placement and for general corporate expenses …”
  • Not just main #RoF players could benefit from infrastructure into the area  “Tom Morris is excited to be finally returning to his roots.  The president-CEO of Northern Superior Resources has two projects on the go this summer as his Sudbury exploration outfit advances a promising Quebec gold project while simultaneously blowing the dust off a mothballed gold and base metals property in Ontario’s Far North … After raising more than $4 million in flow-through dollars, and $2 million coming from strategic mining investor Eric Sprott, the company entered the summer field season with renewed optimism … This summer they’re putting boots back on the ground at their Ti-pa-haa-kaa-ning (TPK) gold-silver-copper property in the James Bay lowlands … Located 30 kilometres west of the Ring of Fire, Morris said whatever road infrastructure is installed to reach those chromite and nickel deposits is sure to benefit his company …” – more (PDF, company news release)

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