Heaven forbid Wes and gang do something like this for their shareholders:

THUNDER BAY, ONTARIO--(Marketwire - Nov 22, 2012) - Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE:ZEN) is pleased to announce that it has applied to the TSX Venture Exchange to extend the terms of 12,794,000 common share purchase warrants issued or reserved for issuance prior to the Company''s IPO in December 2010 (collectively, the "Warrants"). Each Warrant entitles the holder to acquire one share for $1.00 expiring on December 23, 2012. Pursuant to the proposed amendment, the Warrants will be extended for a period of six months and will expire on June 23, 2013. The extension was requested based on an initial delay in starting our exploration program after the IPO and is subject to regulatory approval.

Hi

Peter, thanks for your thoughts ... one may be able to interpret what Wes was saying, that some financing etc. are in the bag, but I don't know if I could conclude that from his presentation. He did address financing, and said he didn't want to dilute. That doesn't mean he won't imo. 2 years ago at the AGM, he was asked if he was concerned about dilution, he said yes obviously and mentioned that there was no dilution on the horizon ... not 1 week later did he announce a financing. So, at this point I don't believe anything he says about dilution and financing. I hope you're right Peter, and there is no dilution coming.

Re gov't infrastructure financing: From what I have heard, the government(s) will be contributing, how much and when are the key questions to unlocking some of the value in ROF, as we all know.

FYI, re roads, NOT has built a small 1 km road heading out of camp, which will cut down on helicopter costs.

I like your assumptions Peter, but I do have trouble assuming anything with this group at NOT. "They" say it takes about 10 years for a mine to go from discovery to production ... well, NOT is right on track. ;)

Inca, correct, I didn't include the chromite. I just used the numbers from the NOT Eagle presentation, so that $1.21 shareprice needs to be adjusted for the chrome.

I don't know if I have added any value with this post ... maybe it's more than a work in progress! :)

Cheers

MGB

Datelines and NAV:

At the recent AGM, Wes said there would be road arrangements made by the beginning of 2013, and construction of the road starting hopefully by the winter of 2013/2014.

As well, the environmental permits completed by the end of 2013, with most permitting complete by mid 2014. He said most projects that have final permitting complete, can fetch about .5 -.7 of the NAV.

He thinks there should be production by 2016/2017 when he thinks Ni should be greater than $12/lb. (He feels Ni at $8 could be the bottom)

When he was asked about the $4.00 warrants which expire in Dec 2014, he said there is a lot of work to be done in that short period of time. IMHO, this means those warrants may not be worth much by Dec 2014, if anything. Wes said a company with permits could fetch .5 -.7 of the NAV. So does this put NOT in the $4.00 range by the end of 2014? If my calcs are correct, I would have to say no ... NAV $560m * 0.5 (permitted) = $280m.

$280m / 230 o/s = $1.21 per share by the end of 2014.

My numbers may not be up to date, so correct me if I'm wrong. This post could be a work in progress post.

Cheers,

MGB

Noront Resources Ltd. (NOT) has had one or more filings which took place on October 3, 2012

I couldn't see the insider trade, but I did get the above alert. Options or a buy in the market?!

Cheers

as of Nov 2011, it looks like 95 o/s fully diluted

Here is an excerpt from Cliffs, which also applies to NOT imo, especially the last sentence. Sorry about the format.

Cheers

mgb

Cliffs Natural Resources (CLF : NYSE : US$73.12), Net Change: -2.06, % Change: -2.74%, Volume: 6,302,922

Cliffs Natural Resources reduced its iron ore sales forecast and cut its outlook for Asia Pacific, sending shares lower
on Friday. Management forecast 2011 sales volume of 7.4 million tonnes in its Eastern Canadian iron ore segment, down from
its most recent forecast of 8.0 million tonnes. Revenue per tonne is expected to be slightly below its previous outlook of $160-
165 per tonne and total cash cost will likely come in at the high end of its $90-95 forecast. In its Asia Pacific iron ore unit, it cut
its sales volume estimates from 8.8 million tonnes to 8.6 million due to the timing of two shipments but did say that its U.S. iron
ore business would be in line with expectations. North American coal is expected to see higher sales volume and per-tonne
revenue; however, it is a much smaller portion of the company’s business than the iron ore. Management said, “The company
expects meaningful growth in emerging economies, specifically China, where crude steel production and iron ore imports are
anticipated to reach record annual levels.”