Noront Resources

High-grade Ni-Cu-Pt-Pd-Au-Ag-Rh-Cr-V discoveries in the "Ring of Fire" NI 43-101 Update (March 2011): 11.0 Mt @ 1.78% Ni, 0.98% Cu, 0.99 gpt Pt and 3.41 gpt Pd and 0.20 gpt Au (M&I) / 9.0 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inf.)

almost 15 years ago

100

Mac Watson,

I do not know you well, but I thought I knew you to be a man of integrity.

I'm sorry to see that your actions, regarding the takeover offers for Freewest, are clearly not in the best interest of your shareholders. You and your BOD are doing everything you can to cause Cliffs to have an unfair, (and possibly illegal) advantage.

During your recent conference call, your legal representative said the change of control payments had not been reduced. A few days later you tell shareholders they have been reduced regarding Cliffs offer. As pointed out in Noront's press today, this reduction should apply to all offers.

Also, the break off payments you agreed to with Cliffs serve absolutely no purpose, other than to discourage other, possibly better offers. You are not operating in the best interest of your shareholders. Particularly your shareholders as at the day Noront first presented its offer.

I, and I am sure many other shareholders, are very disappointed in you and your BOD. I strongly hope Noront wins control of Freewest. You no longer deserve to run the company.

Canseco