I believe RoF assets of FWR will be merged with NOT. However, personally I prefer a 5-1 for the Chromite (all ROF assets including JVs) and leave the rest of FWR to MAC.

I believe that NOT is paying more than fair price at 4-1 but that the market wants this consolidated and that we will have a bigger multiple down the road for everyone if we can put all these assets under one roof.

If another deal comes forth like the rumors in Sudbury are saying, then FWR shareholders will have to make a decision. However, I cannot see anyone at this point giving Freewest enough cash money to be worth while. In my opinion, FWR is worth $2.50 or more when it gets mined but we are 3-5 years from that and no one will give them 500M dollars today in cash to control those assets.

This deal with NOT will give FWR shareholders a big piece of the future development of the ring of fire. I do believe as I stated yesterday that NOT in 18 months will be taken out for $20 ball park. That would give FWR shareholders $5 per share.

If anyone can show me an offer that makes sense for all involved where FWR shareholders reap this much profit, I will listen very attentively. I just do not see anyone coming in with the value that the NOT offer gives.

Glorieux