Re: important date May16+90days

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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Babjak1

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Re: important date May16+90days

in response to

important date May16+90days

crazytrade

posted on Aug 05, 2011 01:46PM

My appologies for reading this paragraph too fast. Like Crazytrade I assumed May 16+90 days= Aug.13 cut off date.

What I missed were the important words to "commence anytime prior to production." Also the words, "at Noront's discretion."

"Baosteel has also been granted a 90 day exclusivity period to negotiate a direct property interest and/or off-take agreement with respect to any of Noront’s properties with such exclusivity period to commence any time prior to production at Noront’s discretion."

When I read this run -on sentence, again, more carefully, I am now understanding, Noront will gave exclusive rights to Baosteel to negotiate a direct interest in any Noront property for 90 days.

BUT ,the start time of the 90 days is whenever Noront decides it to be prior to production. That time frame could have started May 16, 2011 OR it can start anytime prior to 90 days before they produce something. (can take us into 2015-2016).