A long weekend, extra long for some, is almost upon us…..time to reflect and review dispassionately, calmly and rationally, the exploration status of the ROF in general and in particular, that of NOT and the properties under its control. First of all, I think that it is important to view it within the Mining Cycle framework.....early, intermediate, advanced exploration and production stages. Over 90% of the area of the ROF falls within the “early” stage, <10% in the “intermediate to advanced” stages. These proportions are all the more significant for NOT considering NOT's overall land position. Significant base metal (+-PGEs) discoveries have been made by NOT and KWG et al. Significant chromite discoveries by NOT, FWR and KWG et al. Preliminary resource estimates (i.e. 43-101s) have been released by NOT (Eagles 1 and 2) and by KWG et al for their Cu/Zn discoveries. In the near term, I anticipate completion of 43-101s on the Blackbird, Black Thor and Big Daddy chromite deposits. A preliminary economic analysis has been released for Eagle 1. Preliminary results from metallurgical testing appear to have been promising for the Black Thor and Big Daddy chromite mineralization. Other minor base metal (including one highly anomalous in Au) intersections have been reported on a few other scattered properties other than those hosting the above.

The majority of the ROF has been flown using EM and mag once, some areas multiple times. Many, if not most, 1st priority conductors (i.e. strong/near surface/geologically promising) have been tested by drilling. Most other airborne conductors have yet to be tested. Ground geophysical surveys have been conducted only in the immediate areas of 1st priority targets. The geological interpretation of the region is at an early stage, rudimentary at best, and strongly biased by the airborne mag surveys.Only a few juniors in the area have adequate financial resources to continue to conduct meaningful exploration in the near term. NOT has been dominant and will continue to be the leader in terms of exploration in the area. Most of the others are "along for the ride".

In simple terms, the primary Ni/Cu/PGE mineralization is MMS in origin and the Cu/Zn mineralization VMS. The primary chromite mineralization is magmatic in origin. Assimilation of sulphide-rich country rock was a major factor in the early development of the Ni/Cu/PGE mineralization. Assimilation of silica-rich country rock could have triggered crystallization of chromite from a (cooling) ultramafic/mafic magma. The origin of the Cu/Zn mineralization is due to precipitation from cooling base metal-rich brines circulating near surface or onto an ocean floor surface.

Transportation and power are pivotal issues which need to be addressed in any economic analysis of future development of the ROF area. Both the OPA and Manitoba Hydro/Power are both aware of activity in the area and, I would expect, have already “roughed out” potential power line requirements and routes. The Ontario government certainly realizes the importance of expanding fixed infrastructure in the north in order to expand/improve social/health services and stimulate economic development in the north. Cost sharing will be a major consideration in my opinion in this regard………a distinct possibility could be the creation of all season “toll” roads.

If the ROF discoveries had been made along the Trans-Canada, they would have had much more impact on, and value recognition from, the mining/investment communities. Share prices would, in my opinion, be higher than at present, perhaps even multiples of today’s values. The “value” of the chromite mineralization will continue to be more heavily discounted than that for the base metal mineralization. With respect to chromite, individual assays from DDHs will continue to be more or less ignored by the market………43-101 reports will have a higher impact.

Fill-in drilling to expand and prove-up known resources should continue to be a 1st order priority. Refining exploration models should also be a 1st order priority in order to maximize positive “hits” and minimize costs through knowledge-based exploration strategies.

In summary, the mineral potential of the ROF area has barely been scratched/tested. Patience, intelligent exploration, faith and $$ will do the rest.

Tongue in cheek…. If both CEOs only spend 2 days each at the helm of NOT, I only hope that the “auto-pilot” steering the company on the other days is in perfect working order.

I continue to have high expectations and will hold my NOT shares for the longer term.

Respectfully submitted

Best Easter wishes

geoprof