Cliff’s Response to VRS regarding our comments on the Amended Terms of Reference:

This letter is to inform you that Cliffs Natural Resources, through its subsidiaries and affiliates, intends to develop the Black Thor deposit in the McFaulds Lake Area in Northern Ontario.   The Cliffs Chromite Projects (Project) consists of extracting and processing chromite ore, exclusively from the Black Thor deposit with incidental contact along the adjacent Black Label deposit, and transporting the concentrate to a Ferrochrome Production Facility (FPF).  The proposed undertaking includes the construction, operation and retirement of the following four project components……..