Several people have stated that they are in the know and Cliffs has an offer coming. Could be a pump. Who knows?

In fact, I am not sure what would be most beneficial to the shareholders of either company. Would another offer add value to the sps?

I assume we are all waiting with baited breath to hear Mac Watson's opinion of the offer and what his advice to shareholders will be. Hopefully that will come soon.

Of course if he knows that Cliffs is making an offer, he may time his response to coincide with Cliffs offer so he can comment on both.

As shareholders we are likely anticipating that NOT has more good assay results coming that further expand the known reserves to 1500 M and in width. At the AGM, NOT announced very good assays that indicated that the ore body is continuous at least to 900M and yet the market took this as negative . Hard to figure what they were expecting?

Also shareholders are likely anticipating that this will initiate a bidding war and eventually the big boys like Xstrata will get involved. We are likely looking for something similar to the Voisey's Bay takeover by Inco.

A big part of NOT's sales pitch to FWR shareholders is that consolidation greatly enhanses the economic viability of the RoF. This is hard to argue with. Unfortunately it may not be the best scenario for shareholder profits at this time because there is a lot of drilling to be done yet.

This is a very smart move by NOT. The probability that another company will discover more valuable mineralization is very good. Noront wants to acquire these claims before the price goes up. Imho it is not just FWR that they are interested in.

There are many combinations and permutations of possibilities. To me it is anyones guess what will happen next.

SN