Merging NOT and FWR would be positive; a take-over on the relative valuations suggested by the proposed terms we have heard so far would not be, at least not for FWR or FWR shareholders.

Consider the sheer size of the chromite ore deposits in the ROF - at least 150million tons of high grade ore. This is enough to make a sizeable contribution to the world chromite market, to the point where uncoordinated production could seriously depress world prices.

It is quite possible that the eventual outcome could be Canada Chrome as the operator for chromite production in the area, with our exploration companies having contributed their deposits either for cash or shares in Canada Chrome. Cliffs would retain at least their current level of ownership - 19.9%, through their same % of KWG. With each issue of shares for ore deposits, Cliffs would buy in with cash to retain their stake. C.C. could operate on the basis of a long term supply contract with Cliffs, giving them means to obtain finance for infrastructure.

While NOT may be interested in exploitation (of resources that is), FWR is interested in exploration only, in my opinion.

All my own opinion.