Freewest Resources* (FWR : TSX-V : $0.76), Net Change: 0.12, % Change: 18.75%, Volume: 8,825,145

Noront Resources* (NOT : TSX-V : $2.29), Net Change: 0.04, % Change: 1.78%, Volume: 1,383,502

NOT (isn't) going down without a fight. Noront Resources increased its offer to buy miner Freewest Resources on Monday, in an attempt to top a rival bid from U.S.-based Cliffs Natural Resources (CLF). Noront's new offer includes two Noront shares and one purchase warrant for every seven Freewest shares, or about $222 million. This heats up the battle for Freewest's chromite exploration assets in northern Ontario, which sit next to Noront exploration properties. The warrants have a strike price of $4.00. One Bay Street analyst said, "It's a good reaction. At the same time, I think the market's expecting Cliffs to come in and trump this." Noront originally made a $90 million all-stock bid in early October, which Freewest described at the time as opportunistic. That was topped last week by Cliffs' friendly offer, which values Freewest at about $150 million, and would see Freewest's non-chromite assets spun off into a new publicly traded company. Noront said its offer would allow Freewest shareholders to "participate in continuing value creation in the Ring of Fire," an exploration area west of James Bay in northern Ontario, where Noront and Freewest have been having exploration successes. According to Reuters, analysts say adding Freewest would give Noront additional ammunition to justify the massive investments that will be needed to develop the deposits. Noront said its latest offer will expire on December 11 and will not be increased.