HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

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)

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Message: Re: NORONT AND BAOSTEEL RESOURCES SIGN BINDING TERM SHEET (More patience!)

Looks like kind of a right of first refusal. Noront cannot sell or JV any interest in its properties before bona fide negotiating the same with Baosteel. This is in addition to the standstill provision! A foot on the tail + a dog-collar around the neck! On the whole, a Share-Price Freezer... The only hope now for short-term price appreciation is a loud Drill Talk! And notice that the year '2016' is timidly mentioned for the first time. So patience, patience, patience... Ok, let's take a walk! We all knew this was going to be a long position. Crazydik may turn around and snore some more...

And just imagine where would we be if Noront-Freewest merger had succeeded? A bidding war between Cliffs and Baostell maybe? We'll never know...

GLTA.

BaBe.

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