Noront Resources

Jeremy Niemi is at camp right now, will be returning next week. There will be an update on Eagle's nest soon after his return. I expect this to be a good release simply based on previous results from lens b&c. High hit ratio and grades are very encouraging. However with the new deal with FWR for Dec 1st, there is no rush to get this out till closer to that date so we have max impact.

I cannot see a white knight come in with anything else than a cash offer. If however shares are offered, these would be the likes of Cliff's or other major miner where potential upside is way less than Noront upside. IF this offer comes thru, (which I do not believe) then FWR shareholders will have an interesting decision.

Our SP right now is depressed (and depressing) but once this uncertainty about takeover is removed, we will go back up. If a white knight presents itself and is the likes of Xstrata or Vale...what do you guys think happens to the RoF? To Noront?

I think either way this scenario plays out, from this current SP, we will all be big winners.

G.