Now I've calmed down and reread the 'Preliminary' report on a proposed plan to exploit this 'one' deposit over the next 7 years my view is a bit more favourable.

My rethink is primarily based on the 'markets' current pricing of Noront shares and perhaps this report putting a solid 'bottom' in place.

Consider that E1 is a small portion of Noront's ROF holdings and still open for expansion. We're not adding in anything for the known E2 or Blackbirds.

OK, now look at the figures and ask if a major would be willing to pay the equivalent of $1 a share to buy into a jv on just this one claim? For just over $130 Million they get 50% of cash flow for 7 years (likely with provision that their $130 Million comes back before 50/50 split.

Now that's a darned good deal for them cause they are pretty well assured of getting back all their investment in 2 years and then escalating cash flow as Nickel prices recover. IN ADDITION they have one hell of a big foot in the door in the ROF.

Personally I believe Dick Nemis would drive a lot harder bargain than the above but it does once and for all show a rock bottom dollar value for ONE deposit in the ROF.