Noront has a number of valuable componts and seeing the share price fluctuate from $7.00 down to less than $4.00 and now rest at $4.75 causes me to wonder and speculate how the market arrives at that price. If ROF did not happen, what would the market think of the other properties including Windfall? There are some spectacular grades there, gold is approaching $900 again and there is significant work being done that has cost considerable amounts of money and has value. This ramp is mine developement. Ore will be hauled up for years to come even if it is called a "developemental" ramp. It is a tangible asset that will contribute to the companies future. My comments reflect my opinion that our current share price is focused on ROF only and Windfall is being ignored with the delays in assays and various interpretations of E2 visuals.

There are other considerations as well. Noront has optioned 13,000 hectares in six JV agreements. In return, Noront will recieve $3.040,000 in cash and an equivalent amount in shares for a total of approx. $6.1 million. More importantly, it will get $ 20.75 million in exploration done over three years and still retain 50%. Should the JV's be successful, the shares paid will be more valuable. Given NOT has 41,000 hectares, the remaining land is arguably worth another $40million in its raw state. I realize all the land doesn't have positive geophysics but I'm making a simple argument for NOT.

Then of course there is the value of the orebody DE1. WE have seen valuations on this board which assume 10% of insitu value. If much of this ore can be taken out by open pit, this is way off. If the Prov. of Ont. participates in infrastructure, it off even more. If the grades continue to be maintained around 2%, it is off even more still. Remember, higher grades closer to surface makes this orebody far more economical and that means the share price goes up. Whether it is 20% or 30%, I don't know but I can have a gut feeling.

And lastly, there is the purely speculative value of the other eagles. Even if they don't have tonnage to jusify a mine on their own, once DE1 starts, they are all in proximity and once the infrastructure is in place the economics for developing them changes dramatically. What and where is the blue sky value when it comes to our current share price. I just don't think it's there. Crazydik is right to want to be awaken at $20.00 because that is when the real excitement will start.