HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: Cliffs?
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There is one other scenario that perhaps you overlooked. Cliffs could wait for Noront to takeover Freewest to consolidate the chromite area. Then Cliffs could possibly negotiate a deal for all the chromite only, leaving Noront with all of their other ROF holdings to continue to explore for other minerals. In this way, it might not be cost prohibitive for Cliffs to capture the combined chromite resources.

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