". Part way through our nickel project, chromite will come on provided Noront will still own it."

If, and that is a big if, Noront still owns the nickel when production starts, they will likely still own the chrome.

Baosteel has another 96 days in which to elect to increase their holdings to 19.9%. also included in that agreement is a provision for them to be given a 90 day window starting from whenever to negotiate a buyout or buyin. This does not prevent, but greatly complicates any liklihood of some other entity taking a run at us. At the very least it would require a premium big enough to satify even Baosteel.

It is also likely that we will have some indication of infrastructure before end of March. I am not real comfortable predicting this, as previous predictions of May 2011, and then Oct 2011 have come and gone with nothing to show for them. However, even Wes has suggested something is close, so who knows.

Also too, we should remember that there was considerable sabre rattling from local first nations a couple of months ago, but things have gone completely silent on that front. A good bet is that there are in depth discussions taking place that is serving to keep a lid on things. Certainly wouldn't do to have a blockade start the week before a big infrastructure announcement.

The above is not to suggest that we won't get any offers, and in fact may enhance the possibility. If anything it can only add to the dollar figure that this buyout would include.

At any rate I am going to start clocking things based on the above 96 day basis.

Best regards

K