"They announced this agreement 2 weeks ago, saying it was to be signed on June 2, 2011, after a bit of due diligence was completed. This due diligence has been completed."

K, my understanding is that the closing was, and is still fixed at June 2nd.

The Agreement has been signed May 2nd, and IMO there has been no additional signing today. The proposed offering required approbation from Baosteel BoD, which has now been done, hence the NR today, confirming that this condition has been met and they can go forward to the Closing.

There remains the condition of regulatory authorities approval, as usual (should be rubber stamp). No shareholders approval however, as this is not required forthis 9,9 % PP.

"Closing" will rather constitute in the issuance of the securities (shares and warrants) to Baosteel + the cash transfer to Noront.

GLTA.

BaBe.