Dear NOT-undead,
I had the priveledge of discussing company matters for a good 15 minutes with Wes today. He was in the middle of a geo-tech meeting and had called me to discuss with me my recent inquiry on our objectives within the FerroChrome market. He was very infomative and answered all my questions except one.
That question was, "where are we with the #94 Wedge hole?" Which he politely gave me the "no disclosure" line as an answer. So I did prod by asking if it is "well underway" and his reply was "of course but we are still waiting for rock to look at and work into our models." I asked what modeling was going to be available to me as a shareholder as the NUMA app. was still up on the Noront website, but it was useless? He suggested that may be remedied in the near future.
In regards to the FerroChrome, Noront is looking for a third-party to develop the Chromite resource. So they are attending these conferences to network with other players in the Chromite market hoping to attract attention and someone to supply the capital. Noront will not be expending additonal capital on the chromite other than on marketing and looking for a "partner". My comment to him was the we have a National Instrument prepared at great cost and drill time lost on on chromite when the focus is back now on VMS and PGE. He let me know that this only helps in getting a backer for the chromite projects down the road. So the "first chromite NI-4301 in Canada, and at these grades seen nowhere else in the world" it shouldn't be hard to convince a suitor.
I got the feeling that chromite is completely on the backburner until NOT management takes on a partner, but of their choosing. This is only my opinion from what I took away from Wes' comments.
We discussed a number of other issues of which I will submit in a post shortly.
Apparently I had agreed to buy my son a new video game. So he has convinced me to go to Target at rush hour. Sometimes I feel more of a fool parenting than in investing, (most of the time).
Disclaimer*** - I bailed on PRB at $1.42 today. Will be scooping up a bit more NOT!
mynot
