Maybe Wes dodged a bullet by giving away Chromite. Although retail investors wouldn't mind the immediate gratification of a takeout, Wes wants Noront to go into production 3 to 5 years from now. Cliffs proved it's aggressiveness in deals by taking out FWR and making offers with JV. It spent 4 bil for Consolidated Thompson deal. Noront with chromite at sub $1.00 would be easy pickens to offer a double to some frustrated institutional investors.

To Counter this discussion, one might say that Cliffs hasn't taken out Probe. However, Probe's SP increased due to Gold and Cliffs can wait out their SP spike. It might have been another matter, had Probe not spiked from Gold. Perhaps there are quiet deals on the side Probe is making with Cliffs.

Another counter discussion is that Cliffs may want to grab as much land as possible since they're in the ROF territory for the next 100 years. In that amount of time, Chromite won't be their only ore to outperform daily operation costs. So perhaps Cliffs will digest the Cons Thom deal for six months then look seriously at Noront again, unless Noront dips to FNC levels and it's too tempting to ignore.

But waiting to be bought out is too passive for Wes. He's got to find another E-nest or NOT is doomed for easy pickens. Smith at FNC is convinced they've got more nickel between 1000 and 2000 mters. There are many arguements that nickel is far below 2000mtrs. They've sent something to the lab, but I doubt it's nickel. More Chromite won't do anything for FNC or Noront.

FNC is doing more geo physics in their 1000mtr hole near C-1, so they either have an anomaly and need to define it or they don't have an anomaly and are wondering what next. If they can find nickel, then FNC SP spikes.

If FNC shows that C-1 area is a potential new E-nest, then for FNC to really explore it they'll need a realistic drill plan which they've never had in that area. FNC is now an Iron company, and ROF nickel is now a side blue sky project. Currently, FNC needs all 14mil in bank to develop Fermont interests and keep up with their percentage payments to Champion. I don't think they can afford to divert more cash to McFaulds nor as an investor do I want further dillution. Therefor, the best way to prove out FNC's C-1 is for Noront to make an shareswap offer and let Wes prove it up. Noront needs another E-nest and I wouldn't mind more Noront shares.

In the meantime, can anyone post an update with where Noront is searching for the next E-nest? And if anyone has talked to Wes recently, what is on his mind recently?

Even when Noront finds a new Eagles' Nest, and if FNC ever finds nickel, I feel Wes should offer to buy FNC land -whatever it takes to increase Noront's overall tonnage should be encouraged.

What's been bothering me for a while, is how did Freewest know Cliffs was interested in Chromite, but Noront and Fancamp didn't. What insight did Mac have, that Smith and Wes/Nemis didn't. Mac committed real cash to chromite while most laughed at Freewest. Does Wes now have the connections or inroads with Cliffs to gain this insight for future developments or negotiations? Are they talking. Does he and Cliffs have a relationship, or was it burned during the Freewest battle. Cliffs is the main money generator for ROF, as another major has yet to participate in the ROF, so I would think it advantageous for Wes to talk with them.

For a while, Noront wouldn't talk to anyone. Perhaps now there is a sense of humbleness. I'd like Noront to be talking with Probe, UC, FNC, and Cliffs to explore cost-saving ideas or share ROF exploration insights. What distinguishes Noront from the others is Noront intends to produce nickel. Where as the others are jockying for Cliffs dance card.

I'd be more comfortable if Wes weren't trying to produce but explore and sell. Then they'd put more energy into developing a relationship with a new major interested in the ROF. Let's face it, investing in an almost but not quite economical nickel mine 3 to 5 years in the future, dependent on the hope of finding a second e-nest, is a difficult sell when there are competitive near-term profits to be made with other companies.

All the same, Noront is resilliant. It could inexplicably rebound above $1.30, perhaps when energy returns this summer.

-sg