Just finished reading the full release and it's an interesting play. Noront is basically betting $100,000 that TME (and partner) will hit something interesting with one or more of the 12 holes in current drill program. Bet Noront's Geologists poured over the VTEM survey prior to recommending a deal.
Noront get's a foot in the door early for minimal up front money. If nothing is found during current drilling Noront can walk away. If, as hoped, good stuff is found then Noront will pour in the money to prove up resources and take 60% interest.
Kind of smart move we've come to expect from Noront's management.
24 members recommend this.
Mr. Parisotto and Mr. Hamilton address the Noront investment community.
