With all the due diligence on this forum, I am surprised no one has posted this information. Cliffs can avoid the risk give a boost to FWR shareholders and let them share the risk. By using their exploration company Cliffs can avoid risks that senior investors may not want to share until the resource is proven. cliffs can potentially invest in any upside. May I point out that the chrome that Cliffs would eventually sell could be easily customized to fit the refinery metallurgy involved by mining different parts of an open pit. The quantity and availability makes this deposit extremely competitive. First Point (energy? minerals?) has an agreement with Cliffs natural resources (newly created) exploration arm.

Please look up First Point and look at the latest OCT 13 news release to see how Cliffs

might structure an agreement with FWR.