CMP, Sum4ALL - Great posts!

Sum4All, I am guilty as charged, fine sir. I have been accumulating from day 1. I'm hoarding NOT shares like a squirrel does nuts for the winter. I've tried to convince myself that I should be working with at least 10% of my shares so that I may take advantage of the fluctuations and have some fun - I just can't seem to do it....

CMP - Bang on in my opinion. The market wants to see results and it's not going to wax poetic about the great potential for this mine. The last results were less than outstanding - they were GOOD - but not outstanding and there are...at last count...about a million other places that investors can put their money while Noront spends time drilling out their land claims.

Couple of thoughts to add.

Firstly, the stock price is an arbitrary number and has fluctuated wildly in the past few weeks. I don't think these fluctuations have as much to do with what is happening at McFaulds Lake as much as it has with people moving their money around. Sum4 made some dough by moving his around - smart move if you can do it. I'm sure there are many who don't have the patience to wait for the step-out for another month or longer.

Second - As an investor, particularly one who purchased the flow through shares, I'm not overly happy about the 2 missed holes on this last round. I'm not sure how much those holes cost to drill but I know it's awfully expensive and my hard-earned cash is being directly spent on this process. I'm about as far from being an expert on mining but I think the upcoming results and those slated for the future will be targeted better than the first batch.

I'm going to assume that the point of the BHEM is to shed some light on where we go next with the directional drill. The more we drill, the better picture we get, the more likely the NEXT hole will be successful and so on. For this reason I'm expecting the next batch of results to have a higher hit ratio than this latest one.

Third and final - I bought those flow through shares which has a clause that I have to hold them for 4 months. Best case scenario for me is that Noront spends as much money as possible in those four months as I can only write off the proportion of what they have spent on exploration. I'd then like to sell those shares at a loss so that I do not have any captial gains, and then buy regular shares at the same price. It's only a wee bit complicated but basically it sets my base cost at the regular share price instead of zero (the flow through share base cost). My point is - the powers that be could manipulate the share price by perhaps not drilling in the absolute heart of the mineralization, but instead just try to define the outside areas of this mineralization. They may also want to keep the share price low right through December/January and beyond so that they may exchange their Flow through shares for regular shares and receive a plethora of tax benefits? Just a theory.

I know that if I were in Wes' shoes and I knew that I had something very special in the ground, the cash, and the team to do it, that I would be VERY careful about driving the stock price upwards. I would want to have a very controlled ascent - it's healthier, manageable, and respectable. It's the way Bay Street likes to roll and I think Wes wants to roll with Bay St.

So I contradict myself saying the BHEM will target the good stuff, and then that they may be intentionally drilling around the core mineralization, or even waiting for before drilling the much anticpated step-out holes. Just some food for thought. It will interesting at some point to look back on many of the posts, theories, suggestions on here and see who was on the right track, and who was off.

It would be great to see a rise in the SP in the near future - but for now, as it drops for me it is simply another opportunity to buy some more at the arbitrary price! (and I promise to sell a few just so I know I can do it) I like the Genuity report giving Net Asset Per Value Share of $2.65. Many on this hub have come close in their calculations. That's not an arbitrary number, that's what Michael Gray is suggesting each share is worth. I like that number. That's probably most likely where we'll be at by the end of year unless something groundbreaking occurs.