HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: Cliffs, Free West and Chromite

Cliffs, Free West and Chromite

posted on Dec 03, 2009 06:02PM

I just keep saying to myself... If there was an abundance of Chromite and it was cheap enough in North America - would we use a lot more of it.

I for one think the answer is yes. If I could have a normal screw or a stainless steal screw which do I prefer? If I could have a car made out of normal steel body pannels or stainless steal which do I prefer? I take the 84hp Delorian every day of the week.

I keep thinking that we are currently at a price where supply meets demand for Chromite. But what if Stainless Steal is far less expensive? American's love the stuff. I think about this every time I open my fridge and it has smudges all over it.

Cliffs has done a lot more analyis on the demand for this product in North America then we think. And we also know $200MM is a drop in the bucket for this projects overall cost. Here is Cliffs problem...

If Cliffs really jacks up their offer and pay for Free West - say $1.50 per share... what happens... Noront's share price gets jacked up as well because all of a sudden everyone knows the infastructure is going to happen, and the ring of fire is for real. One way or another and we hit $3.50+. So Cliffs has to make small moves hoping it can time this right while mother Noront is stock depressed and steal the baby.

If our stock price goes up in the next few weeks we will win... If it tumbles we will lose. Winning this fight is critical... We really need to win this fight if we are ever going to see $20.

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