HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: NEWS - Noront Receives Analytical Results Eagle One Deposit - 6.88% nickel, 5.05% copper, 2.53 g/t platinum, 14.07 g/t palladium, 0.39 g/t gold and 15.1 g/t silver over 10.6 metres

The only issue I can foresee with splitting the Windfall project off is the ability for that property to provide funding for the future in ROF. With the existing infrastructure within the region that Windfall resides in, this property could start open pit mining in a relatively short period of time, with Noront as operators (with FWR and MUG).

If the company remains as a single unit, it is a lot easier for Windfall money to be used for further exploration funding in ROF, without ever having to worry about a PP. In the meantime, the $50 mil in the bank can hold them over, given the estimated monthly burn rate of $3.5 mil.

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