Alan Coutt's Noront Resources Ltd. (NOT) rose 2.5 cents to 50 cents on 311,000 shares. The company had hoped to close its $20-million Ring of Fire land purchase from Cliffs Natural Resources Inc. this week, but it has run into some snags. The Financial Post says Toronto businessman Mohammad Al Zaibak has made a rival bid of $23-million, and this is not all. Mr. Al Zaibak is reportedly working with Bill Boor, the Cliffs executive formerly in charge of the Ring of Fire development. They allege that the bidding process was unfair, and the case is now before the Quebec Superior Court. The court is also hearing from four Indian bands who oppose the Cliffs sale to Noront. They are apparently trying to come up with the money to make their own bid. Noront does not have the money, with negative $13.5-million in working capital, but Pierre Lassonde's Franco-Nevada Corp. (FNV: $62.04) promised to lend it the full $20-million required.

Frank Smeenk's KWG Resources Inc. (KWG: $0.025) talked about making a bid, but the company has only $2-million in working capital. To cover the other $18-million, it would need to issue 720 million KWG shares at 2.5 cents, which would send the number of KWG's outstanding shares to 1.5 billion. KWG just moved from the TSX-V to the Canadian Securities Exchange. The company pays its president, Mr. Smeenk, $400,000 a year. Noront's Mr. Coutts receives $330,000.