KWG UNIT ENGAGES RAILROAD ENGINEERING FIRM
MONTREAL, Sept 24, 2009 /PRNewswire-FirstCall via COMTEX News Network/ --
KWG Resources Inc (TSXV: KWG) subsidiary Canada Chrome Corporation has engaged Krech Ojard Associates, P.A. of Duluth, Minnesota to provide engineering services for the construction of a new 350km (210 mi) railroad link to the Ring of Fire. Krech Ojard is a railroad engineering and construction firm that has completed a number of projects with KWG's principal shareholder Cliffs Natural Resources (NYSE: CLF) (Paris: CLF). Krech Ojard has identified and field refined a proposed route and is undertaking additional surveys to determine the final alignment. A feasibility study will then be completed prior to moving into the next phases of the project.
About Cliffs Natural Resources Inc:
Cliffs Natural Resources (NYSE: CLF) (Paris: CLF) is an international mining and natural resources company. It is the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of metallurgical coal. With core values of environmental and capital stewardship, Cliffs' colleagues across the globe endeavour to provide all stakeholders operating and financial transparency as embodied in the Global Reporting Initiative (GRI) framework. The Company is organized through three geographic business units:
The North American business unit is comprised of six iron ore mines owned or managed in Michigan, Minnesota and Eastern Canada, and two coking coal mining complexes located in West Virginia and Alabama. The Asia Pacific business unit is comprised of two iron ore mining complexes in Western Australia and a 45% economic interest in a coking and thermal coal mine in Queensland, Australia. The South American business unit includes a 30% interest in the Amapa Project, an iron ore project in the state of Amapa in Brazil. Over recent years, Cliffs has been executing a strategy designed to achieve scale in the mining industry and focused on serving the world's largest and fastest growing steel markets.
About KWG Resources Inc:
KWG Resources is a mineral exploration company with extensive claim holdings in the James Bay Lowlands of Northern Ontario, Canada, where important discoveries of nickel and chrome have been made recently in the Ring of Fire. KWG has an equal joint venture interest in a large claim block in the central part of the discovery area, with Spider Resources Inc. The joint venture is developing the Big Daddy chromite deposit adjacent to the Black Thor and Black Label chromite discoveries of Freewest Resources. KWG holds a 1% net smelter royalty in all three deposits and has created Canada Chrome Corporation to pursue the development of them.
Forward Looking Information:
This press release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that KWG believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the possible construction of a railroad link to the Ring of Fire) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of KWG based on information currently available to KWG. Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the actual results of KWG to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on KWG. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to any of the pre-construction phase studies concluding that the construction of a railroad is not economically feasible; failure to obtain satisfactory construction financing on acceptable terms; failure to obtain necessary permits or approvals; etc.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, KWG disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although KWG believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE KWG Resources Inc.
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