Talked to Mac today at Hard Assets about the possibility of a major taking out Fancamp. He said, it's very possible at the competition stage. But more likely we will see an initial offer for individual properties first or a friendly offer for a package deal from a major. He commented that the majors won't wait too long to make an offer. He also did not believe they will wait for a feasibility study. They don't need one, they know what they've got.

Saw Wes as well. He thought it's an interesting idea for a major to enter ROF via Fancamp. For juniors, there is always that possibility of a takeout. However he felt majors will make a friendly approach for the Fermont properties first.

As of two weeks ago, Smith thinks there will be a friendly offer for individual properties.

Wes said he is disappointed where the SP is but thinks it will go up from here. He said Noront will need 20 mil to be economical. The present E-nest obviously has 20 to 30 mil tons. He said it's very frustrating with the deep-drill breakdowns, but so far Noront has not had to pay for these errors. He feels the pressure to find another Eagle's nest and will re-strategize during freeze to find it.

Now I know why Mac and Smith always seemed bemused about my enthusiasm with ROF. They know it's Champion which is well progressed passing grassroots to where Freewest was when Noront made the offer. In fact, Mac thinks Fermont is Fancamp's chromite. Think about that one. I keep in mind Mineralfields should we get an offer from Champion or another for our 17.5% interest in Fermont properties plus Lac Lamalee.

He said there's no bad feelings with Wes. Wes did what they had to do. But he knew Noront couldn't compete with Cliffs. I said, had he given the word, we retail would have rallied for a no-vote for more. But he said there is no way we could have gotten more from Cliffs without another major involved. Cliffs took FWR up four times and had we been an insider on the deals I'd understand their unwillingness to go more. So he did what he had to do. I told him my family was very grateful for all he did for us. He said that is the reason it's enjoyable meeting past shareholders.

Mac said Peter isn't much of an IR person because Peter believes ore should promote the company. I told him we hoped your involvement with Fancamp could assist with the promotion and focus Peter to get something sold. He said, Champion will do well for us all, but he'll work on Peter for more promotion. Not sure if Mac will, but it was a nice hand-holding gesture for a little retailer while in the middle of a crowd.

Also went to a lecture by Brent Cook. Hard not to like his style of evaluating Juniors. It's straight forward. He dismissed Noront as a once prospective investment, but he'll look at it later once they've proved more. The main point he pushed is to invest in the companies which provide as much detail about their ore discoveries as possible. Maps, drill directions, trenches, grabs, and more. If they are not providing "including:" statements then ask CEO to provide them so you can do your calculations. If CEO's are unwilling, then don't invest. I didn't ask Cook about Champion, but he said he doesn't invest much in iron companies because majors snap up good iron properties before enough data comes out that he can evaluate. This doesn't add up to me, as Champion has data out and it's a jr. I'll ask tomorrow -if anyone cares for his opinion.

-stockgreed