Rof Signs Memorandum of Understanding with First Nations
(via Thenewswire.ca)
Toronto, Ontario - January 17, 2012 Ring of Fire Resources Inc. (the
"Company" or "ROF") (TSX-V: ROF, FRANKFURT: RG5,
OTC.PK: HWKPF) is pleased to announce that the Company has signed a
Memorandum of Understanding with the Mattagami and Matachewan First
Nations in relation to exploration to be conducted on its Project 81,
in the Timmins area, Northern Ontario.
President and CEO of ROF, Vance White states, "We are very
pleased to have reached this agreement and we look forward to working
with both First Nations. The leadership of their respective
communities is exemplary in advancing their people's interests and
participating in the natural resource sector and we are delighted to
have their support in advancing the exploration activities of the
Company on Project 81. Of particular note we would like to thank the
offices of the Wabun Tribal Council and their Executive Director Shawn
Batise in his introduction of the Company to Chiefs Walter Naveau and
Sonny Batisse of the Mattagami and Matachewan First Nations."
On behalf of both Matachewan and Mattagami First Nations, Shawn Batise
stated, "Companies like the Ring of Fire are progressive in their
dealings with First Nations like those represented by the Wabun Tribal
Council. Vance and his team approached us prior to starting any work
on this project, ensuring both sides could build a positive
relationship at the outset. Ring of Fire Resources provides an
excellent example of how all resource developers should conduct
themselves when dealing with First Nations. The relationship between
the parties has been respectful and mutually beneficial to all
parties. I commend Vance White and the Ring of Fire Resources Inc. and
wish them the best of luck with their project."
The Company is currently commencing a drill program on its Kingsmill
Nickel target and Lucas Gold target to follow up on a recently
completed heliborne geophysical program and past historic drill
results (see news releases dated Jan. 12, 2012, Dec. 5, 2011, Dec. 1,
2011).
Under the exploration agreement ROF and the First Nations have agreed
to terms that underline each party's mutual respect for the land and a
responsible approach to exploring in their traditional territory. The
agreement remains in effect during the initial program and until such
time as the Company and the First Nations enter into an Impact Benefit
Agreement (IBA).
ROF will contribute toward the First Nations Communities in amounts
based on a percentage of its exploration expenditures on the mining
claims within their traditional lands relative to the Company's
project 81. ROF will, subject to all regulatory approvals, issue
50,000 common shares of ROF to each of the First Nations over a period
of eighteen months and issue options to purchase 50,000 common shares
of the ROF to each of the First Nations with the exercise price to be
determined as at the date of issue. The agreement also includes terms
outlining environmental protection, employment, training and business
opportunities, and the mitigation of impacts on the traditional
pursuits the members of the respective communities.
About Project 81:
Project 81 is a 70,090 hectare patented land package divided into 2
blocks. The patents include surface, mineral and timber rights, and
host a significant timber resource plus a number of zones that have
historical exploration identifying nickel and gold mineralization
(these sample results are historical and non 43-101 compliant) from
work carried out in the 1960's and 1970's some of which have been
previously announced.
About Ring of Fire Resources Inc.:
Ring of Fire Resources Inc. is a Canadian based junior exploration
company holding in excess of 70,000 hectares of property in the
Timmins, Iroquois Falls and Smooth Rock Falls areas of Northern
Ontario, upon which it plans to develop and implement an exploration
program for the balance of 2011 and 2012. It also holds a portfolio
of diversified exploration projects at various stages of exploration
and drilling for Vanadium/Nickel/Copper/Chromium/PGM in the 'Ring of
Fire' McFauld's Lake Area of Northern Ontario, Gold in the Wawa area
of Northern Ontario, and Uranium in Northern Saskatchewan.
More detailed information is available on the website at
www.ringoffireresources.com
Cautionary Statement:
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 release.
No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
The foregoing information may contain forward-looking statements
relating to the future performance of Ring of Fire Resources Inc.
Forward-looking statements, specifically those concerning future
performance, are subject to certain risks and uncertainties, and
actual results may differ materially from the Company's plans and
expectations. These plans, expectations, risks and uncertainties are
detailed herein and from time to time in the filings made by the
Company with the TSX Venture Exchange and securities regulators. Ring
of Fire Resources Inc. does not assume any obligation to update or
revise its forward-looking statements, whether as a result of new
information, future events or otherwise.
Contacts:
H. Vance White, President
Phone: 416-214-2250
Corinna de Beer, Investor Relations
Phone: 416-792-0343
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