You make some intresting points, but I would question two of your points to some degree.

1.) I am not sure how much relevance there is in the statement that forcing Cliffs to show their cards has brought Cliffs into the ROF. Noront might have sped up the process by 6 months or a year, but it was apparent that Cliffs was already making a move into the ROF with their previous buy-ins with KWG, FWR, and all of the work committment to the railroad. It may just backfire by bringing a major in too soon before much higher and truer value could be established for both Noront and Freewest via more drilling and and a recovering economic outlook with associated higher initial stock prices.

2.) It certainly wasn't free publicity. I would hate to see the bill for how much this entire process has cost Noront shareholders up to this point. None the less, perhaps even then it was money well spent for the tremendous amount of exposure gained. This story isn't over yet either. This exposure could yet bring in another major that will increase the bids and bring a higher value to all in the Ring of Fire yet.