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: A fair value for NOT...FNC...FWR ?
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I believe it would be a tad bit more complicated. If for example NOT had a net asset value of 3 times that of FNC, and each company had an equivalent number of outstanding shares, then the 3:1 ratio would be valid. I believe that since NOT has roughly 5 times more shares outstanding than FNC, its net asset value would need to be 15 times that of FNC for the 3:1 ratio to apply, which may very well be the case...time will tell. This seems intuitively correct to me, but I could be wrong.

Disclosure my ROF stock % holdings: 48% NOT, 29% FNC, 23% FWR

Cheers


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