Hey K,

I don't know if anyone wants to hear this but there are limitations on global demand which means the possible production from this area has it's limitations. There are also limitations with regard to building furnaces and getting power. There are limitations on capitol with the extremely high cost of construction industry is experiencing. In a good year the world needs 19Mt and there is already capacity for that production level. If we build 10 furnaces, we need 2.5Mt of ore per year and a half a million megawatts of power. A hundred million tonnes of proven reserves gets you a 40 year plan and both Noront and FWR can acheive that on their own. Forty years provides you with a lot of time. Reality is, you don't need consolidation to start a huge ferrochrome operation. Who is going to be in position to start up first? Will there be two operations? There very well might be, but the North American demand will be more than satisfied with the 2.5Mt and there will have to be markets infiltrated in China or Europe.

I think FWR has a great property that very well may be developed. However, we can't disregard how well Noront is positioned. It has exceptional grades, adequate widths, open at depth and is well on the way to completing a 43-101. In fact, it appears they are in a race to establish themselves and they are way ahead. In addition, they have Eagle one which has exceptional Ni grades and that ore can easily be mined, crushed and sent to a nearby smelter at a profit. Voisey's Bay has been transporting ore to Sudbury and Argentia for a few years now. This is revenue easily attained and diversifies the operation. Noront has extensive land holdings. If need be (which is doubtful) they can buy out FNC if the orebodies run on their property at a fraction of the cost of FWR. FNC is adjacent and will make more sense if (of course) the chromite runs through them. FNC has very few shares outstanding comparitively speaking.

I am holding on to my NOT shares. I think we have a gem of a property here with mega potential on several fronts and consolidation is not in the cards, nor do I think it should be. IMHO

Mike