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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Message: Re: Chromite off-take agreement crazy (a-)
14
Sep 11, 2012 09:24AM

Sorry, Drank too much coffee. need something stronger now, We need $700mil...and I sure don't think issuing 1,750,000,000 shares is the answer and I don't think Baosteel would like that as well. Borrow the money from a bank is a way but I doubt Noront has enough of a credit rating for that even we have $10 billion in assets in the ground. Joint venture with Bao doesn't seem in the cards as Bao isn't a mine builder so the only future I see is the offtake and garrentee to take chromite for 20 years to,basicly, co-sign the loan for mine building financing. Pre selling the chromite leaves the Eagle strictly for Noront to mine and distribute profits to SHs which are substantial with all the credits from PGM. I can't see any alternative. What that equates to SP, don't have a clue, but by then I am sure we will be back exploring again and SP could be supported with new discovery.

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