Now that the shock of this announcement has set in, it makes one reflect on the past 2-3 months. Not has not released the results of any drillling in some time. In the meantime FWR has had several news releases announcing assay results
They are both drilling and yet one has no results?
The application to the TSE has gone silent?
There is no announcement on the new CEO?
The BoD shows open distain for Agoracom and retail investors?
As you suggest oxford there is a reason for all of this...it is not just coincidence.
A significant President and CEO told us at PDAC that SEVERAL majors have been in contact with his company. Cliffs has already bought into KWG. Rumor has it Cliffs BOD has approved more aquisitions in RoF. I also hear Bethleham Steel is in the running. I know for a fact the Xstrata has visited the RoF and held meetings with Noront and possibly others. You can bet that CVRD is watching closely and knows more about RoF that any of us. Then there are the South Africans. They will not ignore this.
George I agree that a major is only going to pay what it has to for this resource. Thats why they want in now before the proven resource is doubled by drilling.
I was around for the Voisy's Bay battle between Inco & Falconbridge and I saw what happens when there is a fight over ownership. The price rises exponentially.
This is a major mineral discovery and the Xstratas of the world have seen enough drill results and geophysics to understand that MUCH more mineralization will be proven up. They also know that if they wait until the economy recovers and commodity prices improve it will be too late.
So I would not be too quick to dismiss the possibility that the recent stange behaviour from Noront has something to do with the backroom negotiations that are underway (or possibly concluded).
IMHO
SN
