From Canaccord Morning coffee, Thursday, October 29th:

Freewest Resources Canada* (FWR : TSX-V : $0.45), Net Change: -0.05, % Change: -9.09%, Volume: 954,999

Noront Resources* (NOT : TSX-V : $1.65), Net Change: -0.05, % Change: -2.94%, Volume: 679,293

"They can’t take away…our Freewest!" – William Wallace's chromite enthusiast buddy. Freewest Resources announced yesterday the its Board of Directors has unanimously recommended that Freewest shareholders reject the hostile take-over bid by Noront Resources and not tender their shares to the Noront offer. Commenting on the decision, Freewest President and CEO Mackenzie I. Watson stated, "We believe that Noront's offer is financially inadequate, opportunistic, and fails to recognize the strategic value of Freewest's assets and our future value-creation potential. The Board fails to see how the Noront offer serves the interests of Freewest shareholders." Watson went on to say, "It's easy to see why Noront needs Freewest, but it's difficult to understand why Freewest would want Noront. We are focused on the development of our McFaulds chromite property. In contrast, Noront does not appear to have a development strategy focused on its chromite property. Given that Freewest shareholders would own approximately 27% of the combined entity, our Board sees little sense in diluting the growth and value inherent in Freewest shares and our McFaulds chromite property when the main beneficiaries would be the current Noront shareholders."