I agree with what you say, except for a couple of details -- you suggest that the NOT chromite will be worth a lot less once the FWR deposits are the site of a producing mine; maybe so, but other things than chromite often are exploited in chromite deposits, so I wouldnt be surprised to see some PGMs in their deposit, or very close; in South Africa the chromite is almost a by-product of the PGMs; technology now exists to extract these from the ore at quite low concentrations. Should this be the case, we could see chromite shipped out at very low prices, and several mines in the general area viable nevertheless. The proposed rail line would serve all and make a big difference to the bottom line, regardless of whether NOT or FWR had originally found the deposit. I know FWR is looking very closely at their drill cores, and are actively drilling in the footwall of their chromite deposits with PGMs in mind. I am sure NOT is likewise aware of this possible bonus. Incidentially, the Eagle deposits economics must improve with a rail line, and of course, with more traffic on the line shipping costs might drop a bit for everyone.

My second mild difference of opinion is that I believe drilling on the NOT FWR Bullseye JV is due to start in mid- October, and we should hear about that soon, a more precise date than "early fall"

Lastly, this potential offer may be timed so that the release of the NOT 43-101 on their chromite can influence shareholder opinion before the possibly later release of FWRs 43-101 on the Black Thor deposit.