Eagle one:

“At Eagle One, hole NOT-09-049, drilled subvertically below known mineralization, intersected two zones of disseminated, semi-massive and massive sulphides, one from 269.54 metres to 510.69 metres and the other from 749.7 metres to 945.67 metres; more than tripling the known down dip

extent of the mineralization to greater than 900 metres;”

In the first zone we have 241.15 metres of known mineralization. In the second zone we have 195.97 metres of known mineralization. Total of known mineralization being 437.12 metres. Exactly how much of this is disseminated, how much is semi-massive, and how much is massive sulphides. That to me is something that is known at this time and is very material.

Now, as much as I appreciate the “update”, perhaps I misunderstand what an update really is. I am left again wondering what they know that they are not telling us. For instance, when describing hole 47 the information is more complete as follows:

“Hole NOT-09-047 at Eagle One intersected 2.15 m of nickel, copper sulphides including 1.75 m of massive sulphides approximately 275 m below surface;” .. see the difference?

This tidbit is interesting…“Hole NOT-09-049, drilled down the mineralized structure at Eagle One, proves that high grade nickel, copper, PGE mineralization continues well below the previously interpreted resource limit.”…but what is this really telling us?

Windfall:

“Underground development exposed 54 metres, 120 metres and 130 metres respectively on the F11, F17 and W3 zones. The underground development was extensively sampled using chip samples, muck samples and test hole samples. Results confirmed the presence of high grade gold but continuity was limited. Also, sampling suggests that the grades are associated with narrow structures trending perpendicular to the original zones.

Noront is currently finalizing its report on the underground sampling at Windfall Lake and plans to release a complete listing of significant results by the end of July, 2009.”

Again, as much as I appreciate the “update”, I am left with wondering what they know now. No values given whatsoever for the W3 zone….should we assume that the values are not material…what do they mean when they say they will release “significant results”…maybe what is “significant” is not material..if this information is material, should they not disclose this before issuing a bunch of options? Why do we have to wait until the end of July? What do they hope to find out between now and the end of July that they don’t know now?

Games:

I follow this board religiously and spend numerous hours going over the various news releases, only to come to the conclusion that in most cases I am not getting the whole picture. My investment decision therefore comes down to trying to interpret what information is missing…..why is it missing……what are they hiding…..what games are really going on behind the scenes here……..who is really profiting from this kind of strategy?????

Not only has there been absolutely no promoting of this stock, everything that has been said over the past several months has actually been counter productive to the share price, causing nothing but even greater discouragement and uncertainty.

Then we have the fact that there are certain individuals and organizations who have now been granted a significant amount of shares at highly discounted prices. Now I realized that the commodity stocks have all taken a severe hit and all, but most stocks have recovered somewhat while this one continues to lag and is very close to it’s 52 week low. What a profit they stand to gain now if this fully recovers…..at the expense of those who were unaware of the game plan and have ridden this all the way down from the highs….and now limited in the full potential for gains due to the dilution.

Shame….shame….shame

New CEO:

Nothing has changed until something has changed…..so far I don’t see that much has changed….news with incomplete information (that I would consider material), followed by the granting of options.

Does it not seem that everything (and I do mean EVERYTHING) that could be done to keep this stock price down, from a management perspective, has been done. From stock dilution, to negative comments, to a proxy fight, to focusing on matters the market is not concerned about, to not addressing matters that the market is concerned about, to news blackouts, to incomplete news releases, to the deliberate attempt to conceal information.

OK...so having said all that...I do see some positive developments...reason for some optimism

New IR person...sign that they are ready to begin promoting this

Stock options out of the way

Assays coming from significant intervals at Eagle One

Significant number of assays from other areas such as AT-12 and BB 1&2 and Thunderbird

Time line given for 43-101 with respect to the chromite

Date given for results from Windfall....signs that this is not dead yet

Stock price has finally shown a high percentage gain on relatively high volume

Market in general becoming more positive towards commodities