It's a shame we have spent $150 million to achieve a market cap of less than 1/2 that amount.

However, I did find it noteworthy that the financing done with BAO mentions this:

May 2, 2011 -- "Fund completion of a feasibility study on the Blackbird chromite deposit including exploration drilling to increase the current resource."

And this as well -- "Baosteel’s investment will allow us to proceed with the necessary engineering work to define the value of our discoveries"

May 16, 2011 -- "Baosteel’s investment in Noront provides the necessary funds to advance the feasibility study on both the Eagle’s Nest nickel, copper, PGE deposit and the Blackbird chromite deposits"

Then a month later, this:

June 2, 2011 -- completion of a pre-feasibility study on the Blackbird chromite deposit including an initial analysis of ferrochrome production

...seems like a downgrade in expectations

Anyways...the point has been made with respect to the feasibility study for eagle's nest..which was completed.....that the majority of the capital costs will be encurred to initiate that project...alone....not to mention overcoming government/native requirements.

As stated by glorieux "no value has been given to another 9M tons of high grade Ni/Cu/Pt/Pd in the resource category."

It's funny really....that the eagle's nest feasibility study clearly points to the fact that it is based on a higher than current nickel price, while being silent on the potential value added with the 9 million high grade tons in the resource category. A cautionary statement that it was a resource and not a reserve would have sufficed I think.

In a preliminary economic assessment dated Oct 21/08...they made the following comment: "For the purposes of this preliminary economic assessment, both indicated and inferred resources have been included in the potentially mineable resource." That was right before the proxy results, which occured on Oct 27/08.

Not delivered yet is the pre-feasibility for the blackbird deposit....this can illustrate how much value one project could add....we can then maybe make some better informed calculations on adding another 9 million tons of high grade ore...since they won't do it for us

We have government officials and other media talking about how the ring of fire will be the next Sudbury....and comparisons being made to the richness of the oilsands. We have the largest land package with several deposits..when the offer was made for FWR...this comment..."The combined company will have a land position of over 1,223 square kilometres of prospective and viable mineral claims in the Ring of Fire compared with Freewest's current land position of approximately 23 square kilometres"

and this "Noront maintains that, the development of chromite-mining operations in the Ring of Fire will be challenging, with the heavy capital cost burden of infrastructure required to access global markets. Noront believes that the sharing of essential logistics and infrastructure between the high-grade Eagle's Nest nickel, copper and PGM deposit with both companies' chrome discoveries will dramatically improve all project economics and lead to the creation of significant shareholder value by creating accessible world class deposits. Achieving these infrastructure synergies between the Ring of Fire discoveries is best achieved if one party owns all projects. Noront believes that the rationalization of activities in the Ring of Fire is the most logical course of action and best benefits all shareholders."

Cliffs paid about $270 mill for just a chrome deposit....on approx 23 sq km

Then they paid another $125 mill for a 1/3 interest in the big daddy deposit

When we talk valuations, we must considered examples of what else is selling in the neighbourhood.

One last point to leave you with....on Noront's new homepage...a statement I do like...

"Eagles Nest is the largest undeveloped high-grade nickel sulphide deposit in the world."

That's gotta be worth something....more than $70 million