With all due respect, there appears to be some debate as to Cliffs intentions. They have purchased significant, but minority, positions in both KWG and FWR. Obviously, it was not an attempt to "play the market" for capital gains. The only logical conclusion that one, at least myself, can make is to "position" themselves for a larger strategic move into entry into at least the chrome market in NA. They have the contacts, credibility, financial resources and can potentially acquire the technical expertise to do so. Is this somewhat "out of character" behaviour? Cliffs is a very old, conservative, established US mining company whose focus has been on Fe ore and coal for generations. Unlike the current NOT BOD, they have little or no experience in the junior exploration arena. However, they are thinking on a long-term strategic level, not in for a quick buck. As such, they may be prepared to bide their time so to speak. Remember, Inco really did not get involved in the bidding for Voisey's Bay until it became apparent that Falconbridge was interested and that acquisition of Voisey's Bay became more of a strategic, competitive necessity.

I believe that Cliffs is a serious contender and potentially will eventually play a major role in the development of the ROF and in doing so will provide existing shareholders of some junior companies involved in the ROF with a superior return on their investments. What that premium will be for each company, will depend mainly on the chrome/PGE ore assets of that company or companies in the end. The Eagles Nest mineralization is becoming more interesting, however, it is far from being in a class of a Voisey's Bay. It is my opinion that Cliffs primary interest is in the chromite and PGEs.....why?....one of their directors is a senior executive with Stillwater Mining in the US. The Eagles Nest property remains, however, a valuable asset which could be of more interest to other parties who would be prepared to pay a premium for it if NOT was acquired by Cliffs.

If I were Cliffs, I would want to negotiate with as few juniors as possible, hence, I would sit back and let the NOT/FWR merger/takeover play itself out. If NOT is successful, one less junior to have to deal with. If NOT is unsuccessful, then at least I have a "benchmark", market price for each to consider. Ultimately, control of all of the chrome/PGE properties in the ROF is the goal.

If my hypothesis is true, then I would want the most ruthless, shrewd, experienced, proven negotiating team for my NOT shares.....our current BOD, in my opinion, fits the bill.

Comments are more than welcome.

Respectfully submitted

Have a great weekend.

geoprof

P.S. Hoov and I have been in touch....he's holding his own.