Noront didn't succeed in getting FreeWest because even though FreeWest was a steal at $1.00 per share, we are in the back alley getting mugged and right now they are making us take our shirt off, that is how low our shareprice is compared to the true value of Noront.

Current Valuation:

$4.85 per share at 1100 meters based upon 10% NSR (more complicated math went into this)

$8.80 per share at 2000 meters based upon 10% NSR (more complicated math went into this)

We were getting 10.3% NSR as a share price back in the darkest days for Noront in July at $.60 per share.

What has changed since July?

1. Cliffs is buying FreeWest for $250MM and putting in a railroad for Chromite. Chromite is something valued at -$25MM in our share price because as Noront share holders we get really pissed off every time we have to hear about the stuff, and sell our shares as a result.

2. Cliffs is paying cash... not stock... cash for FreeWest. They would not do this in todays market if they were not going to build a railroad and begin production immediately. Your not going to mine 30 years worth of Chromite without rail. Unless you are really, really dumb... Or much better at me at math.

3. So with a good portion of the infastructure paid for Noront Shareholders can be certain that we have a mine.

Now we trade at around 4% of our current NSR. I agree 2,000 meters is a long way to go down but you are mining the entire way down to that depth. In addition in July there was a general consensus that a mine would not be economically feasible unless some triggering event occurs and we were still at 10% NSR.

We were worth 10% NSR in July - we are at 4% now. When we get to 2000 meters we will be at 2.5%. This is with another company paying for at least 1/2 the infasturcture and with 4-8x the resources we had in July (you would think we might catch a break and figure out some economies of scale?). At some point the market is going to figure this out. Voisey bay got 40% NSR, now those times and size of deposits are much different but all I am asking for is 10%NSR? Is that too much to ask?

Cliffs claims we are not the next takeover candidate, I really hope I don't get mugged by them again. I was a FreeWest Shareholder, crappy-shortsighted FreeWest managment. I hope at their new jobs working for Cliffs they get to ride aroud on Cliffs jet... They could have had their own...

If I am CEO of Cliffs I am thinking to myself.

1. Noront would have upped their offer to 3x1 but FreeWest is not worth that, and Noront Managment knows this. Hmmm that tells me Noront is very cheap right now.

2. Cliffs is going to be building $1Billion in infastructure in the Ring of Fire. They can well over double the return on that Billion by buying us. That math is very very easy.

So either Cliffs or the Market will figure out that Noront is super cheap in the next few weeks/months.

If you are selling your share on Monday - just know you will be selling them to me! I won't be robbing you in a back alley or at gun point... just know I am robbing you... give me every last share you have and no one will get hurt!

Semi