"King of the Ring".

A self impossed moniker. I can't recollect the inception date but if memory serves correct, it was the new BoD that coined it.

Many have questioned whether Noront was and more importantly is deserving of this title. Many I am sure feel that this designation might be now more suitable to the likes of Cliffs.

With the recent developments and the more I think about it, the more I personally feel that NOT still is the King.

My rationale is as follows:

Cliffs has already paid 375MM dollars for both FWR's and SPQ's chromite deposits with current speculation that they will offer 50MM for PRB's (now 100%) Black Creek deposit. Potentially, Cliffs is in to the tune of approaching half a billion dollars. With respect to Chromite, we know that NOT has roughly 9MM tonnes at the BB deposits with additional tonnage at the newly disclosed Blackstone discovery.

We are all aware of Joseph Hamilton's comments many months ago that were something to the extent that the chromite is worthless without our Eagles Nest smorgasbord of minerals. As much as I was curious (maybe upset) at the time that he made those comments, in hindsight, I believe he was correct.

Why were the NOT/PRB JV's disolved? Noront knew what they were giving up and what they were receiving in that results (recently N/R'ed) were likely in. Probes now 100% Black Creek claims are a strategic land package in that it is an ideal location for accomodating mining infrustructure being on stable, high ground.

Why would NOT surrender this asset?

1) They believe that the 100% claims that they received in return are more valuable?

2) They understand the economics, in that by making PRB's Chromite assets more readily available to Cliffs, Cliffs will bite and by doing so be more committed to the ROF than previously.

I subscribe to number 2.

I am a firm beleiver that NOT's assets in the ROF (not to mention their land holdings and prospective targets) will ultimately unlock the value of all things ROF and for that reason, I beleive that Noront holds the hammer is undeniably still King of the Ring.

Cheers,

Milsy1

Note1: I am not a superstitious guy but my wife came home today with two "crossword" scratch and win lottery tickets. I scratched one and she the other. While she was scratching her's, she said that she had the word "not" on her card. A few minutes later, I realized that I had the word "cliff" on mine. Coincidental or...

Note 2: I don't think the following part of the August 11/10 N/R has been discussed enough. Anyone care to offer up their interpretation?

" More importantly, the infill drill results demonstrate that the Eagle’s Nest model developed by Company geologists accurately predicts the location and extent of both the massive sulphide and the high-grade platinum and palladium mineralization.