News--CliffsAltius and Cliffs have expanded their exploration agreement to include Saglek Iron Ore project. Original agreement was $1.8 million to search for awaruite/chromite in Newfoundland, now an extra $400,000 has been allocated to explore for iron ore.
They've found awaruite/chromite in 3 places in Newfoundland, work continues. I expect formalized joint ventures and drilling for these prospects in the near future.
The Saglek project is in the far, far north of Labrador, a few hundred kilometers north of Voisey's Bay (which is a remote, fly-in, fly-out camp). This is very far from any roads or rail, the gameplan is to find iron ore somewhere very near the shore so the iron can be shipped out economically (as the nickel is shipped at Voisey's Bay). It will be an expensive project, if it ever comes to fruition, but we do know Cliffs has the money to build the mine.