Hi All. Special hello to old friend LTGoldBull (aka Mark).

I have been watching Windfall since October 2006 in the weeks leading up to the Hole NOT-100 results. I have always been a fan of the area and did extensive DD on this area for many months throughout 2007. With the project overshadowed by McFaulds Lake and the ROF properties in late 2007, Windfall Lake seemed have been dropped from focus within the newly structured post-Richard Nemis Noront.

I have been waiting for an entry point into this stock for a number of months and have followed its pricing since the company struck the development earn-in deal with Noront. I was hoping to get in at .18 cents at some point as that seemed like a good bottom for this stock (20M market cap) knowing much more has been spent on that in the past five years to get to the resource estimate you see today. I like to think that the FWR, MUG, and NOT shareholders of partially paid for the road (or should I say ramp) that lead to this report today.

I was away from a computer most of the day but was surprised when I checked in before market close to see the bid at .165 and ask at .17. Rather than dicker over half a cent, I bought 68000 shares in the last hour at .17. These I hope to hold long as these shares reside are in a locked in account and I cannot spend the money for many years anyway.

The keys I take away from the NR today are the nice size inferred resource estimate of 300,000+ ounces. Unlike the early Windfall days when gold was trading at $600 an ounce, the current $1700 to $1800 ounces provides an incentive to mine given that the fixed cost to retrieve the gold is static. Not sure what the current numbers are today but back then I believe it was between $150 to $300 per ounce to get it out of the ground all things considered.

Looking back over the past 50 or so drill hole results, I was surprised to see so many three digit gram per tonne results between one and five metres. This holds promise when the followup drilling mentioned is the NR is completed.

There are three factors I consider this (at this market cap) less of a risk than other junior gold specs is 1) location 2) location and 3) location.

Location - easy access to roads and less than an hour away from a smelter if I remember correctly.

Location - In the province of Quebec and without the First Nations concerns that companies in Ontario are dealing with at the moment.

Location - the entire area (current) zone falls within a 600m x 800m zone that is near surface <450M. This provides economies of scale if surface mining is employed as can all be removed within a relatively small boxed area.

From my impressions today's NR may not have lived up to the hype that likely surrounded this board the past while (I read about some 1M ounces hopes in the posts today) but one should not overlook that combined with the three location bonuses described above, 300K ounces at $1200 an ounce (reduced for a generous $500 per ounce cost of production and extraction) is close to $400 million dollars. If the actual amount of assets as as known today includes the esimated, then the value is closer to $800M. On a market cap under $20M and cash in hand to continue drilling, this is undervalued in my opinion.

I would not lose hope over Windfall if you have been long for awhile. There is enough smoke coming out of enough historical drill holes over such a small area to make this attractive to a larger company down the road once more resources are firmed up through follow-up drilling In terms of Gold specs that are out there, this one is better than many of the others struggling with really average results in less stable political environment.

If you believe that gold will hold its value or continue to rise, juniors with the potential to produce can really payoff. This one should be no exception.

Now I'm off to check out my regular favorite in NOTland.

M1.