In my posts yesterday I didn't highlight our low valuation point enough.

If you read the highlighted and underlined portions, you realize that valuation given to Diamond fields for 31.7 million tonnes of proven reserves averaging 2.83% nickel, 1.68% copper and .12% cobalt per tonne was 1.5 billion. Friedland allowed 108 million for 10% (he allowed $36 per share instead of $50 per share) because Teck agreed to give voting control of the 10% to Diamond Fields. So, 31.7 million tonnes with NO PRECIOUS METALS @ 1.5 billion when the price of nickel was approx. $3.77 LB and copper $ 1.33 per lb. Look at our 11 million tonnes,factor in the precious metals, current metal prices to get a current valuation and factor in Wes's conversation with Curt22go discussing the doubling of this to 22 million tonnes. You know what would make my day, an independent, honest, mining analyst that would look at what we have and publicly give a valuation of Noront's goods. Notice Diamond Fields at the goods in the ground and were given $1.5 billion. Where did this number come from??

Let's pretend.

Let's pretend the current nickel price is not $9.84 LB (more than 2.5x that in 1995)

Let's pretend the copper price is not $3.5 per LB (more than 2.5X that in 1995)

Let's pretend we have no precious metals, vanadium, rhodium, etc etc

Let's pretend we don't gave a JJJ zone. ( actually it's a J zone now that John Harvey and Joanne Jobin are no longer with Noront). Ok. so, let's pretend we don't have a J zone or Jeremy zone if you wish to call it that now.

Let's pretend we do not have a good relationship with the aboriginals

Let's pretend we don't currently understand the geology so well that we are getting a 92% hit rate. Let's pretend.

Let's pretend the goverment has no interest in the area and is unwilling to pitch in a nickel (pardon the pun) to help this along.

Let's pretend we are diamond fields in 1995 with 175.6 million shares outstanding. If they were worth 1.5 billion for 31 million tonnes at 1995 prices than 11 million tonnes was worth 500 million. That would have worked out to $ 2.84 per share. So even if we go back to those metal prices our share price still does not make any sense at all.

Factor in that Diamond Fields had much much worse Aboriginal issues. There was NO MOU signed with the Indians. That came much later after Diamond Fields was sold to Inco. Factor in the lack of infrastructure. And the fact that there was no neighour to potentially shares the costs with.

Teck and Friedland were agreeing to Teck paying $36 per share or 108 million for a inority stake in the company (10%). Friedland accepted the offer because, Teck agreed to a VITAL condition: Teck would sign a standstill agreement which gave Friedland voting control of Teck's interest during a potential takeover battle. Now , it was almost impossible for anyone to acquire Diamond Fields without his approval. He also had a badly needed infusion of cash to continue exploring at Voisey Bay. Teck's 26% premium over the average stock price was WELL below the $50 per share valuation of the Voisey Bay ore

, Voisey’s Bay was projected by Vancouver-based Tech Corporation in July 1995 to contain 31.7 million tonnes of base metal proven reserves with an average grade of 2.83% nickel, 1.68% copper, and 0.12% cobalt per tonne. The ore is almost twice as rich as the average grades in the Sudbury nickel basin of Canada

Teck's 26% premium over the average stock price was WELL below the $50 per share valuation of the Voisey Bay ore. At first investors were unimpressed by Teck's investment