Noront Resources Ltd. V.NOT

RE:RE:RE:RE:RE:Why did RCF sell?

[greasemonkies]

KWG Resources Announces Ring of Fire Ore Transportation and Utility Corridor

 

 

Toronto, Ontario--(Newsfile Corp. - July 27, 2021) - KWG Resources Inc. (CSE: KWG) (FSE: KW6) ("KWG" or the "Company") ("KWG") has engaged Rail-Veyor Technologies Global Inc. and Cormorant Utility Services Ltd. for the preparation of Design Engineering Feasibility Proposals to construct an ore haulage system and electrical power transmission lines to the Ring of Fire and several contiguous remote communities.

The power line proposal will enable the Rail-Veyor proposal to be prepared on the basis of Hydro One electricity rates rather than the very high-cost diesel-generated alternative. The Rail-Veyor ore haulage system will facilitate the direct transport of chromite ore from underground, across the surface of mining claims staked and assessed for that purpose by KWG subsidiary Canada Chrome Corporation, along 330 kilometers. It has been proposed that the utility corridor assets may be vested in a Trust in order to be operated by the beneficiaries whose traditional territories host this infrastructure, so the provision of the Ring of Fire's mining transportation requirements can become a substantial and independent indigenous enterprise.

The Cormorant Utilities proposal will cost CA$2.4 million and the Rail-Veyor proposal US$1.2 million and will be paid for with treasury shares of Canada Chrome Corporation which may be tendered in payment for options to acquire KWG.A shares from treasury, at CA$7.95 per share. Subscriptions to the previously announced $5 million convertible debenture private placement are expected to be completed in early August.