Oops, I copied the wrong release. It is the same wording but the release I copied was advising of the binding term sheet and not the completion of it which is what Strato referenced, the June 2, 2011 release.

This is from the June 2 release that Strato referenced.

The definitive agreement executed between Baosteel and the Company provides Baosteel with the right to nominate one individual to the Noront Board of Directors, a right to increase their ownership in Noront to 19.9% for a one year period commencing on May 2, 2012 and a standstill provision which expires on May 2, 2013. 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.