"Noront has made bold pronouncements about the value of its offer in press releases that is has chosen not to include in filings with securities regulators, which must be certified by officers or directors of Noront. These omissions violate applicable securities law and are a strong indication that Noront knows its public statements are misleading," Cliffs said in a press release.

Wes Hanson, Noront's CEO, said his company's offer is focused on the upside of continued exposure to the Ring of Fire region, which he describes as "one of the most exciting and vibrant exploration plays in Canadian history."

As for the Cliffs accusations, "they are pretty serious allegations. Our legal counsel is reviewing our response."

IMO, Noront's silence is indicative of the fact that they are digesting the allegations from Cliffs; they would be foolish at this point to fight a legal battle in the media. They have to be guided by their legal team to ensure they don't get into 'hot water'. That shouldn't preclude them from making other positive announcements (NRs) regarding day to day operations such as drilling results, etc. We need that kind of pronouncement to keep things moving forward.