Orlando money show
posted on
Feb 04, 2010 10:30PM
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)
I visited the NOT booth today and talked to JJ. I also went to hear her speak. Unfortunately there were only about 25 people for her presentation. Unless some were heavy hitters I doubt it did much. I do not think she told me anything new, and her presentation was mostly a recap of what is on the website, but I will recap some of the things said privately and publicly
1. The stock price is being effected by the drills going silent in support of First Nations. They are not mad with NOT as we have a signed agreement that we are working under. I asked who was responsible for the drums that were supposedly sank and she said she did not think that had been confirmed. She was aware a large shareholder had sold their position through Genuity but she said Genuity still recommends the stock to their clients.
2. She described the Chromite and the Eagles nest as "world class deposits". Not has a 30 year supply of chromite based on getting 2 1/2% of the annual demand. She thinks with the Eagles nest the Chrome could be profitably mined.
3. I am not a technicle person so I hope I have this next statement correct at least in theory. She said because all of the NOT discoveries are so close in proximity they could all be economically mined. I am not sure if she meant with one processing plant for all the resources or that there were just some synergies that could had because of the close proximity.
4. She confirmed Management thought they had a good chance of getting Freewest when they made the offer based on the concept of consolidating the Chromite deposits with the nickle and getting a higher in situ value for the resources after a 43 101 resource report was completed. I do not think there is any doubt this is true but the Freewest stockholders apparently were ready to cash in. Not did achieve some of it's objectives by flushing out a major that has committed to infrastucture, plus a big spot light was shined on the Ring of Fire. I asked her why she thought no other major came forward and she said it was because no 43 101 resource estimate had been completed and the area is a difficult one to develope. Too much uncertainty makes them want to wait, even if it means higher prices in the future.
5. She said NOT does plan to mine themselves as is evidenced by the team they have assembled. She also confirmed NOT was on several majors radar and several non disclosure agreements have been signed. There is a sense of urgency to get the First nations on board with all companies and to get the ecological studies done and approved. Naturally they want to move as fast as possible on getting the drills turning as each increase in tonnage makes us worth more.
6. Not management is not convinced rail is the best method because of the ecological footprint that would be left. This is part of the problem Cliffs will have. First Nations is also concerned they were not in the loop when staking was done for the rail line.
7. She claimed the Platinum and Palladium could support a mine on their own.
8. Within two months we are supposed to have an updated 43 101 for eagles nest and a new feasibility study completed.
I also talked to a guy who had not heard of Noront until today and he has been investing in Juniors for years. He was most impressed with the presentation and will probably become a stockholder.
JJ, if you read this and find my interpretations not to be right please PM me and I will correct. Also, thanks for the time spent with me today and being as candid as you could without giving any insider information.
God bless all NOT stockholders including Herbert Wiebe.
Goldfinger