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)
Message: TC's post.... copy
| #6311 - Re: Noront holder Rosseau to propose new slate of directors |
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I think the dissident(s) are market opportunists. They have no justification here.
1) The market has killed all explorers. Noront is no exception. UEX is a good example.
2) The shares have fallen no more than ANY other explorer on the TSXV
3) The TSXV is under heavy selling pressure 3400 to 1026 is a 66% drop
4) The excuses for replacement are just that, excuses.
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a) Noront recently wasted what it said would be approximately $15-million further developing its Windfall Lake gold property in Urban township, Quebec, as well as over $1-million on other non-core properties, taking scarce cash, human resources and focus away from the core McFaulds Lake discovery;
a) Noront recently wasted what it said would be approximately $15-million further developing its Windfall Lake gold property in Urban township, Quebec, as well as over $1-million on other non-core properties, taking scarce cash, human resources and focus away from the core McFaulds Lake discovery;
ANS: Putting all your eggs in one basket, a basket that is so far from infrastructure that the costs to development is mind boggling is a foolish approach. The development of McFaulds will take Billions, not millions. Realistically focusing exclusively on McFaulds may result in exactly the same problem Bema had with Cerra Casale. They proved 21mm ounces of Gold and 5 billion pounds of copper in 1999. The property still sits there TOTALLY undeveloped. Why? Infrastructure costs would have been $1.5billion in 1999, everyone thought that was too expensive.
McFaulds Lake will have infrastructure costs that exceed $2.5Billion in my opinion, and if I were to be challenged on that, I would tend to think my guess is a lowball not a highball.
Having another possible producing property or saleable property is the best approach in this banking climate.
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b)Noront has severely diluted its McFaulds Lake claims position by entering into at least 11 different option agreements, which also drained and distracted Noront's administrative and operating resources;
b)Noront has severely diluted its McFaulds Lake claims position by entering into at least 11 different option agreements, which also drained and distracted Noront's administrative and operating resources;
Yes, and that is a great idea. Option agreements give immediate money upfront and gets the property drilled. this assists the surrounding groups in finding a source of their is one. THIS IS A GOOD IDEA
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c)Noront has been unwilling or unable to deliver on several important initiatives to enhance shareholder value including finding a replacement for the president and CEO, obtaining a listing on the Toronto Stock Exchange and spinning off non-core assets to shareholders;
c)Noront has been unwilling or unable to deliver on several important initiatives to enhance shareholder value including finding a replacement for the president and CEO, obtaining a listing on the Toronto Stock Exchange and spinning off non-core assets to shareholders;
The market collapse was not advertised in advance so companies could unload properties. Banks clammed up first so by the time it was obvious it was too late. Shareholder value- This guy is excluding what is happening in the rest of the world to create an opportunity for himself. Everyone has seen shareholder value erroded in every stock perhaps we should toss the management of all the companies ?
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d)
Noront's senior management is prone to exaggeration and promotion that contributed to prematurely inflating Noront's share price to unsustainable levels, leaving it to later crash after Noront failed to meet unrealistic expectations.
d)
Noront's senior management is prone to exaggeration and promotion that contributed to prematurely inflating Noront's share price to unsustainable levels, leaving it to later crash after Noront failed to meet unrealistic expectations.
Amazing hindsight there dissident group! If Nemiss had hit every drill hole you would be heralding him as the t Boone Pickens of Nickel. How do you get option agreements in a slew/bog in the middle of nowhere and have others spend money? I have never heard of a person complaining about Promo unless he bought the top. I think that is the issue here, sour grapes.
Quote:
e) Noront's long-term prospects are bright. We are confident that the Rosseau nominees will move firmly and decisively to focus Noront's business and operations on the core McFaulds Lake discovery and to develop and then implement a multiyear plan to maximize the value of that discovery over the long-term for the benefit of Noront's shareholders."
e) Noront's long-term prospects are bright. We are confident that the Rosseau nominees will move firmly and decisively to focus Noront's business and operations on the core McFaulds Lake discovery and to develop and then implement a multiyear plan to maximize the value of that discovery over the long-term for the benefit of Noront's shareholders."
I do not agree. The new board will toss what the dissident groups considers non-core assets. They then will tie their single horse, to one of the most costly projects to bring to production on the planet, bar none. In a time of failing banks and failing opportunities to acquire exploration money this dissident group is ensuring total paralysis in McFaulds.
Declaration
I do not own shares and have not shorted shares in Noront.
I do not own shares in any associated companies that are in the McFaulds Lake area.
I think the dissident is uninformed and is dispalying radical thought at a time in the markets when sane thought is needed.
All my opinion only.
TradingChief
Post #1044 of 1045 in @MCFAULDS LAKE
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