Cupcake,

My point is this, if Frank does have something up his sleeve he sure is not giving anyone that impression, and I personally find these Mining Minutes to be pointless and ambiguous.  Theresa is nice to look at, but Frank must address more important issues with definitive answers, instead of leaving things to interpretation.  If I was a KWG shareholder I would be very concerned with the lack of information and progress from my CEO, who appears to be tired and frustrated, uncertain about his next move, and wondering how long they can go on with the charade.  Again, this is the feeling I get.

Noront has already indicated that their plan is to move their underground operations south-west from Eagles Nest to Blackbird eventually, once they start profitto from the nickel, copper and PGMs from the Nest; Eagle 2 to follow after BB. We already know that drilling efforts have been underway in and around the footwalls of Eagles Nest, so in my mind the network of underground mining done once Eagles Nest becomes established will be more than just a linear path to Blackbird.  I truly believe this underground network will fan out in different directions away from the Nest to address satellite deposits discovered in Noront's past drilling efforts, yet to be made public; kept secret.

Take a look at the map below Cupcake, and tell me as a CEO you would not want in on an underground network that at a glance appears to be less than a kilometre from your huge chromite claim.

https://www.google.ca/search?q=black+horse+kwg&rlz=2Y3KTZR_enCA0741CA0741google.manta.mantaray&prmd=nimv&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjApcmnluHWAhUJ24MKHQlhDcIQ_AUIEigC&biw=1280&bih=800#imgrc=wLewdpzH14I6hM:

If KWG has the financial wherewithal to go it alone then fine, make your underground mine on your own steam.  But if you don't then they had best approach Noront before they become too strong, and are more in a position to take Black Horse away from KWG, instead of having it share the synergy of their underground network.  It is an option that I believe Frank should not discount, because building an open pit in the water ladened muskeg of the James Bay Lowlands is out of the question.  KWG had best grab onto Noront's coat tails if you ask me, their current situation does not leave one with the feeling that they can go it alone.

Again, AIMHO.

TM.