Business
KWG Resources: For Clarification Requested by OSC
Toronto, Canada--(Newsfile Corp. - July 18, 2018) - KWG Resources Inc. (CSE: KWG) (CSE: KWG.A) (OTC: KWGBF) (FSE: KW61) ("KWG") has been requested by staff of t
About this update from Canadian Chrome Company Inc.
[{"type":"text","content":" Toronto, Canada--(Newsfile Corp. - July 18, 2018) - KWG Resources Inc. (CSE: KWG) (CSE: KWG.A) (OTC: KWGBF) (FSE: KW61) (\"KWG\") has been requested by staff of the Ontario Securities Commission to publish the following clarification of information contained in its Press Release No. 276 dated March 5th, 2018: Anticipated future production of chromium ores from the Ring of Fire properties is hypothetical and has no basis in any mining study; and Chromium resources in the Ring of Fire area are only mineral resources and economic viability has not been demonstrated. Development of Corridor Claims KWG has previously stated that its subsidiary, Canada Chrome Corporation (\"CCC\"), staked and assessed more than 200 mineral claims along a lineament covering high ground where a road or railroad might be built linking the Trans-Canada east-west transportation corridor at Exton, Ontario, to the Ring of Fire in the James Bay Lowlands. Such claim-staking does not confer the right-of-way for a railway or any other similar infrastructure. The Company believes that CCC's prior right to enter upon, use and occupy the surface to prospect, explore, develop and mine those claims, or make any application under the Public Lands Act (Ontario) in respect of any use of the surface rights over them, or for the grant of a lease under the Mining Act (Ontario), would provide sufficient tenure needed for purposes of seeking to develop its mineral assets. Accordingly, at an appropriate time, CCC intends to apply for an easement over the surface of those claims and, in the interim, on any application by any other person for an alternative use, CCC intends to participate in that process to protect its interest and ensure that such interests are afforded the considerations and protections provided by the Mining Act (Ontario). Ferros Cryptocurrency KWG has previously stated that it proposed to create a blockchain-contract offering of a crypto currency, to be called the 'Ferro', backed by the Ring of Fire's chromite discoveries. However, as the cost and complexity of access to this capital markets innovation in that manner proved to be daunting, KWG decided not to proceed at this time with the creation of its originally contemplated crypto-currency but has instead recently focused on first creating and distributing a chrome delivery warrant, the terms and detail...