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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Simon, how about this scenario:

Clarus is a friendly.

At the time of the Noront/Clarus meeting, Noront had a very good idea of what hole 49 contained (and likely 50 and 51?).

Noront provides a wink, wink to Clarus as a means of ensuring that Clarus buys a substantial number of shares, ensuring they are in allies hands. At the same time, Noront drags it feet so to speak with respect to issuing a N/R to ensure Clarus is able to accumulate enough shares to assist in the defence of a possible hostile bid once the "barn burner" release is announced. Speculation? You bet. Possible? You bet.

Both scenarios are possible but I would lean towards the likelihood that Wes and BOD are likely to attmpt to maximize their returns as compared to undermining them.

Cheers,

Milsy1

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