This announcement is very interesting and exciting, and I believe it puts Noront in a new posture. A great mineable resource that leverages our underground nickel extraction plans and rivals, and probably exceeds anyone in the neighbourhood. Is this the milestone that Baosteel needed to trigger a futher investment? Is this why Noront has not gone to market recently to raise additional funds in the open market?

When did our plans include a regional smelter and ferrochrome furnace? These are big investments, and 200-250K tonnes of ferrocchrome annually will rival Xstrata's billion dollar expansions in South Africa. Will there be a competitive response, and when? If you are a major, do you take out Cliffs now, because that acquisition can be accretive to earnings immediately, or do you look at Noront because of the nickel sulphides. M&A teams buried in major companies will be continually monitoring all these options.

Keep your eye on the big picture... this will gain the attention of the major players. Noront has defined world class resources; nickel sulphides, with PGM credits along with large high grade chromite; a management team with experience in mine development; leading edge social responsiblity, in a stable region where governments need this development.

Lakeside