Canada's Ring of Fire may get up to C$1 bln infrastructure funding

TORONTO, April 28 (Reuters) - The government of the Canadian province of Ontario said on Monday it was prepared to spend up to C$1 billion ($900 million)to develop transportation infrastructure in the Ring of Fire, a nascent mining district in the north of the province.

Government support for badly needed infrastructure could revive the fortunes of projects in the remote region, like Cliffs Natural Resources’ Black Thor chromite project, and those of smaller companies like Noront Resources Ltd that are focused on the area.

Ontario said it is calling on Canada’s federal government to "equally match" its funding. The province is creating a development corporation for the region.

The 4,000 sq km (1,500 square mile) Ring of Fire is home to rich mineral deposits, and lawmakers say it could bring prosperity to northern Ontario much like the tar sands have to northern Alberta. But the swampy region lacks highways, rail lines or reliable power.

Cleveland-based Cliffs suspended most work on the $3.3 billion Black Thor in June, citing stalled talks with the province and other political and regulatory problems. It has struggled to win over aboriginal communities in the region.

Chromite, used to make stainless steel, is a new commodity for Cliffs, which supplies steelmakers with iron ore and metallurgical coal from its mines in Canada, the United States and Australia.

Noront’s TSX Venture-listed shares rose 9.1 percent to 60 Canadian cents on Monday. Cliffs was down 3.7 percent at $17.33 on the New York Stock Exchange.

($1 = $1.10 Canadian) (Reporting by Allison Martell; Editing by Bernadette Baum)

I only own about 8000 shares with an average price of $1.10. I've been around for at least 5 years, watched the rise to $7 and watched it fall to where it sits now. Very poor "investing" on my part to not take some profits. Guess that's why i'm an electrician and not on Bay Street. I'm now totally committed to riding this thing into the ground or to the Moon. Hopefully what's in the ground will get us to the moon. ;)

600V

I have MSN as a homepage and this is the article that was on the list of stories for the day:

http://money.ca.msn.com/investing/news/business-news/sudbury-area-may-get-new-dollar18b-smelter

Not just a great Tom Petty song but something we can all relate to. Especially with NOT. I equate it to waiting for a package that you can hardly wait to get your hands on to arrive by courier. You know it is supposed to be delivered today but for some reason it doesn't come. For sure it will be here tomorrow. Nope. Well it will absolutely have to be here by Friday. Friday afternoon and nothing comes. A major let down, but life, and the weekend go on. Then Monday, or maybe Tuesday when you have finally resolved yourself to the fact that you have no real control over when your package will get there, the doorbell rings. And once you get your package you forget all about the agony you went through waiting and all is well.

I, like most of us on this board i suspect, read the posts daily. Check my Globe and Mail Stocklist when I get a chance, just hoping to see the price and volume have increased dramatically, or to see the little "24" with the little newspaper signifying that news has been released, or hope my Blackberry buzzes with an email from RBC direct investor alerts indicating that my "NOT" share price has increased by more than 10% since the previous days close. But it never seems to come. It's just the same day after day. I know all of the reasons why this stock is worth much more than its curent share price and it is frustrating that we aren't trading higher in spite of it.

I believe that one of these days, after I have resolved myself to the fact that I can do nothing about the current share price, i will get that email from RBC, and the volume will be above average, and we will start the steady increase in price we've all been waiting for. Not sure when it will happen, just confident that it will. Then the shift from "when will this thing move" to "when should I take some profit" will begin, and the agony of the past years waiting will be all but forgotten.

Just some ramblings on a Tuesday night.

Just bought another whopping 1500 shares at the low for the day. Now that i'm done with my market manipulation the share price can start to rise. :)

Here's hoping!

and put it into NOT. Doubled my amount of shares, I think (hope) we are near bottom.

600V