Noront Resources

If it makes you feel any better, Boatboy, I made my decision and tendered all my FWR to Noront this morning. My logic is that Cliffs now realizes their plan of arrangement is dead in the water (although they still discuss the January vote as if it has a real potential to happen). By offering an unconditional C-buck to any and all tenders if Noront achieves an almost certain percentage ownership in FWR, Mac and Co. are already out of the picture. Any shareholders holding out for more will simply become minority shareholders.

The outcome will then be two very large shareholders in FWR, with what I perceive to be two possible outcomes. Either one must make the other an offer that they simply cannot refuse, or they must find a way to work together to develop the assets profitably. I can't see the same potential in tendering to Cliffs (P/E ratios about 3 times historical levels at the moment.....they need to get their earnings up (reporting late Jan) or Cliffs SP should go down; Ring of Fire etc. simply swallowed up and diluted by a much larger mining conglomerate), whereas Noront's synergy/takeover potential has not yet attached a premium valuation. So, Noront it is. And comfortable with that, I am.

Lar