Polylabel...

Your #2 is always a possibility.  I guess all options (no pun intended) are on the table.  Three things come to mind:

1) At the Noront AGM it was very clear that Nemis wants an area play, and that NOT, SPQ, FWR, KWG, and FNC are - of the five original juniors - considered as the core group (no pun intended #2).  The new JVs are just that, new, but important in the overall strategy.

2) Nemis, Novak & Co. have 12-18 months to get the area play scenario "ship shape" ie., aerial surveys completed, line cuts completed, and lots of drill holes.  Not a great deal of time.  The new JVs will help with the drill holes.

3) Michael White (IBK) is in Boston & New York on Monday.  I didn't mention in my post on The Richmond Club, but just as I was leaving Michael asked Novak to attend these meetings. (I can't, however,  confirm whether Novak will be going.)  If Novak attends, and a news release from NOT comes out at the same time with good to excellent NOT assay results, the US market will begin to resonate very positively.  I really like this possibility.

On final point based on information I saw on the NOT Hub.  One poster over there noted that ABN Amro, a large European global banking group, is now aware of Noront and the Ring of Fire.  ABN is selling this play.  It would only be conjecture, but perhaps the IBK European tour is already showing results.

Snug