Heavy Felsteel Ring

As far as leveling jewelcrafting goes, you will most likely be better off continuing to skill up with Heavy Adamantite Ring http://www.wowhead.com/?spell=31052 as you can make 4 of these with the same amount of Mercurial Adamantite as this ring requires. The recipe for Heavy Adamantite turns yellow at 345, so it's very possible to reach 350 skill in 5-7 craftings and still not have used as much Mercurial Adamantite as it would take to make 2 Thick Felsteel Rings. Of course, if you're one of those that levels their professions only on orange skillups, then this ring is for you.

The component cost to make this item is: 12 Fel Iron Ore 4 Elemenitum Ore 16 Adamantite Powder (prospect 4 stacks of Adamantite Ore) 40 Mote of Earth All together, these ingredients are not too difficult to farm. Depending on how aggressive you are in getting Rich Adamantite Veins, the prospecting powder is the hardest part. However, prospecting that much adamantite usually yields around 2-4 blue gems.

Elemenitum Ore is NOT one of the required materials to make this ring. I think you talking about Eternium Ore which has a chance to "drop" from any of the mines in outlands.