NOT is a wonderful long term value. It is a certainty that more of everything will be found. But as pointed out in earlier posts, there is simply no immediate formula or translation between the long term opportunity and short term market pricing, other than manipulation. We knew the gold was there. There will be more gold. There will be more of everything ,a virtual smorgasbord of mineralization. But I remember loading up on Aber 12 or more years ago. Today, fully developed and profitable, it is worth less than at that time. Present valuation discounting these days uses brutally high risk return rates for specs. because the risks are so numerous, micro and macro. Here, the discount period may be 7 to 10 years. Certainly of great interest to a major, but nothing compelling short term. Capturing FWR can shorten the discounting period, as well as reducing some of the outright risks. A good move by NOT, and FWR internal risk parameters could potentially be seen as better than NOT's. For me NOT is a good long term investment, with time fighting against dilution to cash needs and insider pillage. Of course the insiders cannot benefit without a higher valuation and ultimate liquidity, but they may see it best to paint it up as expeditiously as possible so dilution does not eat too much it. As a CLF holder, personally I hope CLF walks away from any potential tug of war, because CLF does not need it. Unfortunately, emotion may rule and CLF has the financial resources to back it. And lets expect at least one more News release before tender date !