I'm not certain that 'the market' is calling it right with the kind of pricing placed on ROF players and Noront in particular. Everyone was brought almost to their knees by the overall meltdown in senior markets and now as prospects world wide seem to be improving we're not participating in recovery as fast as seems right.

I am certain that the major's sniffing about the ROF are both smart and conservative. Starting up a large mining camp anywhere in the world is capital intensive and a long term proposition. Just think about where you'd be willing to invest the kind of money necessary, Canada or S. Africa (forget the even less attractive places one might go). Then consider you're going to have to convince lenders to stump up some of the money.

The ROF is close to a solid market, have educated and trained people available, access to equipment and infrastructure others can only drool over and stable Government. Doesn't hurt that our dollar seems happy to trade at a discount to the US Dollar and not subject to wide fluctuations.

Now maybe you'd risk a few million somewhere else but several hundred million?