Good Evening NOT

Remember, it's the 13 of August... this market weakness can continue for awhile.... but, today sure felt different. Perhaps a bounce, but perhaps more.

Of note:

1. Cigar Lake... I know this is uranium, who gives a rip eh, but,... this problem is what set off the uranium run almost two years ago. I tried to track down whether this was getting any institutional buzz... too early to tell, but, Cigar Lake at 18 million pounds per year is the Saudi Arabia of Uranium. It just got bumped to 2013 or worse.

2. Russia takes Georgia... are you kidding, they must shop at Staples, that was easy. lol.

If Georgia has the third most troops in Afganistan and the US does nothing here... wow, the US is weak... no offence to the americans... and please, I prefer peace to war.

Bush... you've spread yourself thin. You have also been outplayed by Putin. I expect you will sit this one out. For worse, Cold War 2 is now playing.

I may get heat, but, I don't begrudge the Russians here... for all the bullshit we have to put up with the US cruising the world in the name of terrorism...

the US, and Bush have harsh words... come on, Bush, what are you planning for Iran. Your willingness to leave Georgia alone is not only dollar negative and US negative, but there must be a purpose... perhaps you are hoping Russia OK's whatever step you take next in Iran. We'll see.... sorry for the politics...another board another day.

3. Fools like Gartmen come out to tell us the commidity bull is dead. Are you serious? Is Gartmen bought and paid for?

Forget Fannie and Freddie... forget the US wars around the globe, look at the solvency of the US banks. Anyone have some Bre X stock they want to trade into the FED at face value/ avg cost. It's got me thinking, what other crap will they take... I have some crappy hockey cards in the basement that aren't worth a nickel that should have been worth thousands... perhaps the old 72 one tonne should go at face value as well, just because there isn't a market for my crap, the FED should give me full value by what I have it on my books. lol

In adidtion, look at the house builders... by far the driver of the US economy the last 5 years.... look at the Autos.... these are all dead or dying. When is the mother of all bank finanings going to take place? The SEC lifted their emergency short selling ban today. coincedence... bank rally toast yesterday, the banks were already selling themselves... and commodities start recovering today. Short term, Gartmen right, but when you say something is done... don't come back again with a buy buy buy in a few weeks. No thanks. Paper PM's were sold.... PM's themselves, physical gold and silver just went on sale and I suspect the world cashed out of paper, and bought the load of gold and silver.

So, how does this all relate to NOT?

You got me, but I was inspired by D12 today... so I will continue.

On the website map, AT12 MMS discovery, a little different wording then occurence. Should AT 12 turn into Eagle 3, fine... should the grades be lower, fine... should the tonnage increase, you bet.

Fancamp starts drilling, our good neighbor has a 1500 meter program going.... I hope they hit, I hold a small position. Either way, FNC needs cash to continue drilling... there are targets of interest.

Perhaps we could step in, either way, whether success and a private placement, or failure, and again a placement but at a much lower price., after the 1500 meters. If they miss, most would agree, there is still potential to find something there... similar to PRB... just our negotiaing terms with PRB have already improved. Good luck FNC...

One last point, can you believe our management has taken the time to call a second chrome deposit Blackbird 2? Really, the market gives us no credit for BB1... but, we go to great lengths to identify a second Blackbird.... I'm confused, what am I missing, the market didn't care about one Blackbird, are two better, 2 times 0 is still 0...., . lol.... that is until the market understands what a blackbird is.... bring on the PR and the discussion on chrome. What's next? Blackbird 3 and Eagle 3? One day the market will care.

And what about the JV with FWR.... awe, the slow, lazy days of summer.

Back to the points above.... I mentioned Cigar Lake, Russia and the commodity pundits throwing in the towel as I feel they are all bullish for NOT.... Cigar Lake and Russia have the ability to create demand for jr's (uranium) and juniors in general, as well as pm's russia. A willingness to fund JR's will be a boom to NOT whether we need cash or not.

Gartmans's of the world can create a little panic... even a great buying opportunity.... but one day they should be held fully accountable for their calls... ie, individuals and institutions should wonder what they are paying for other then to be whipped into wild emotion... that's not what anyone pays an advisor for.

AT 12 has the ability to move us... however, lets not expect Eagle 1 grades. Lets hope the first few holes can provide us something similar to Eagle 1's first few holes, 1-2%... then, lets hope the deposit grows and with any luck, the grades improve... although it's been mentioned this could be a barnburner.... 1% plus and tonnage is fine by me and we'll keep on digging.

That 40-45 million in the bank looks like genius too me. Credit is growing tight tight tight.

all the best.

not financial advise, due your own dd

regards

cwallace