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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If I am reading it right, the agreement also specifies that if MAO pays more than 30M for the Eagle's 75%, then Noront gets MAO shares valued at 1/3 the purhcase price less 10M. So if they ended up paying 36M Noront would get 2M in shares (36M/3-10M=2M). So the back in option is the method of last resort for Noront, as they will get more value (MAO shares) if a bigger price is negotiated directly. Cash and a finger still in the Eagle pie, sounds good.

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