Post says Noront's Nemis unloads 50,000 shares at $5.15

2007-10-29 08:52 ET - In the News

The Financial Post reports in its Saturday edition that in early September, Noront Resources was classified as a little-known penny stock. The Post's David Pett writes, however, after announcing a major discovery of very high-grade nickel and copper sulphides in the McFaulds Lake camp in the Lowlands near James Bay, investors jumped on and shares took off closing Friday at an all-time high of $6.25. Noront director Richard Nemis appears to be hedging his bets, unloading 50,000 company shares at $5.15 each on Oct. 15, 2007, but with 150,000 shares still on balance, his trade shows little more than taking a bit off the table in what only time will tell was the right move. Mr. Pett says that when insiders pare back their positions after great news, it could be a sign of either too much hype or, perhaps, prudent asset management

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I just wished reporters would get it rite, High of 6.25 sheech

drill it and they will come

griz