Don,

If I remember correctly the talks between Noront and Probe may have taken a turn for the worse when they got down to negotiations. These are some quotes from the PRB camp:

“Noront management is trying to railroad us.”

“I can’t believe the arrogance they are displaying towards us......”

I certainly got the impression at that time that the two camps had a severe falling out. The folks at Probe began to advocate for a change in management in the Noront camp. They felt Noront management was not in control of their finances. Lots of comments made about the NOT burn rate and how it would soon deplete their reserves.

During this time period Xtrata was touring the area and did meet with Probe and possible other players. IMHO something significant took place when Xtrata was in the area. I believe things didn’t work out and the fall out may have something to do with our proxy battle.

I certainly don’t have enough information to make sense of the situation. I’m sure all will come to light in time.

rosehill