Good Evening Noront. Good Evening FWR.

As owner of both companies, I am pleased the indication of an offer has come forward for FWR. There are a number of reasons for this.

First, FWR has been a laggard. I have long been convinced neither FWR or NOT were getting any value for their Chromite assets. FWR has an interesting suite of assets, but, I feel Mcfaulds is and should be their focus. As FWR hasn't yet reported hitting the motherlode of nickel, some value for the chrome and exploration potential is justified. 23 cents for fwr was awful hard to stomach day in and day out. This looks better.

From NOT's perspective, I can't think of another company I'd rather own in the ROF. One day, a jv with FNC could be negotiated, but, in terms of a buy out, FWR is the jewel of the ROF.

From the other perspective, if FWR had the means and was going to buy out one company in the ROF, NOT would be the company. The merger/takeover looks like a good strategy for either.

There is only one problem, the price.

My only comment on the price is we will all talk our own hand. If I am heavy NOT, I would like the takeover at 5 for 1, forget 4 for 1. If I am heavy FWR, I would like this deal at 3 for 1 or better.

My end game is a big company buying my stake in the ROF for the best price possible and I move on. I am not interested in a flip or quick buck. I've been here a few years and can wait a few more.

Don't kid yourself, I'll take the quick buck should it come, but, losing FWR and it's potential to a major at this point would be hard to take. I'd just a soon see the two come together and roll out improved 43-101's on nickel and all the chrome assets. Lets see where that takes us.

If multiple majors can only bid on one company, a company that controls the whole known deposit, I beleive the payoff will be substanially more then letting FWR go to CLF or Xstrata or whoever is interested at this point. Put the whole thing together and lets see who wants it the most.

If the combined FWR/NOT ends up too heavy in your portfolio, it probably already is too heavy. These are very similar horses. lol

This bid, when made official, is a first shot. There are a number of possible outcomes besides divesting assets. 1. a sweetened bid from NOT that gets FWR shareholders excited about the potential of the combination. 2. another bidder. 3. NOT walks away if a deal cannot be reached ... and FWR keeps on chugging. That said, once a company is put in play, the likelihood of it going alone is minimal.

CLF's strategy will be important... if the vision is the whole ring... getting shares in a merged NOT/FWR at a rate they see reasonable will not hurt their position. They could likely get a board seat if needed.

Should NOT decrease the share ratio, and or the price of NOT gets moving higher... many fwr shareholders/traders/investors that owned in the 20's will be happy to take profits above 65 cents. A little better exchange ratio and a higher NOT price get you there. Give me an 80 cent fwr price on exchange and you just about double your money at todays stock price.... it can be done or is that greedy? lol

We are all talking our own hands here... Longer term I like FWR and NOT together. Shorter term, freeing up some FWR money to buy into this gold breakout wouldn't bother me at all.

regards

cwallace