I too attended the AGM and was at a table beside MGB/Irish and others when she asked her “dilution “ question. I had privately articulated a hole 94 question to MGB when Joe Hamilton was showing his pcpad graphics of the Eaglesnest inverted ZTEM. Joe said he was not the best person to answer the question I posed and walked me over to Jeremy Niemi, NOT vp Geology. This resulted in a 45-60 minute one on one with Jeremy complete with three JN drawings which he used to help answer my questions. He was extremely polite, helpful and courteous despite my lack of knowledge. He twice offered to answer any other questions I may have by phone which I took him up on about 24 hrs later to reaffirm my understanding of our discussion/Q/A.

Point form from here-on:

General summary of my question + follow-up questions:

- How long ago did hole 94 exit mineralization (from oct 19th); would wedging be used to reenter the “zone”; how does that take/what’s involved; how many meters of drilling are being done per day; would the drilling continue in the convergence/mineralized because of the new geo information.?

- What happened with hole 85 drill.

- Expectations

- Miscellaneous tidbits volunteered.

Hole 94 exited was stopped about a week ago. NOT cannot disclose what was intersected as it constitutes selective disclosure. Nonetheless, NOT has indicated they plan to wedge off this hole which they demonstrated/announced, passed close to the projected extension of the EN deposit. Work to prepare wedge drill/various special drill bit types & changes; smaller shorter pipes (drill rods), is very complicated/high risk of error/Murphy happenings, which will slow drill rate as well as the increased time with depth factors. NOT needs the right people to do this, and there may have been a deficiency in this regard but NOT has worked with their drillers to ensure that they have the right people onsite. The challenge is that McFaulds is a remote site and drillers are in high demand with the Abitibi and Timmins booming. Most drillers prefer to go home at night and thus are preferentially wanting to work in the Timmins/Val d’ Or area) . Changing drill direction in a small (vertical) space involves many instances of lowering and raising the rods, with each time the rods being raised/pulled taking a considerable amount of time. With over 1km of rods that can be an entire shift or longer. NOT expected the Eagle’s Nest to be essentially vertical and were surprised by the significant left turn into the zones new orientation (see posted Eagles Nest complex graphic posting from AGM).

-The ZTEM inversion technique permits the geologists to map contrasting rock types through resistivity difference in the rocks. This helps the exploration team in targeting and keeping holes in the favorable lithology units which host mineralization. (The only variable is geometry of the mineralization in that unit.

-As of Oct 19th the 94 wedge was progressing towards the interpreted convergence zone

-the wedge drill rate is 18-25 meters /shift, two shifts per day. (drilling rates at that depth are in the 15-25m/shift and setting wedges slows this down as do bit changes. The 15 – 25 m per shift assumes uninterrupted operation. With bit changes, wedges, etc, the real average is 15-25m per day.)

-JN agreed that my estimate of 32 drillings days to get to NOT’s interpretation of the convergence zone and through where they feel the mineralization is going)

-He agreed that if the next 200M of drilling in “the mineralized zone” would be “materially” reportable, and there was extreme management excitement as to this success.

The second deep drill which did hole 85 had a total drill depth of 1700M when it moved south of Eagle’s Nest. lt is now drilling hole 189 ( a new naming system , I think).

- An intersection with JJJ in the convergence zone is a good likelihood.

- There were a number of “bankers in attendance” (first time at an AGM; their presence was because of likelihood of financing business as well as possible analyst coverage.

- “De risking” was occurring at a very rapid pace, e.g. the presence of the two FN liason officers (introduced) was confirmation that first nations issues were now all “de-risked”

- In my follow-up telcon with Jeremy today I reviewed again my conclusions above, and offered to have him review it for DD and CYA (my word) reasons. He said her would review this when received.

- JN used the term “drill less”, meaning using geophysics and interpretations to have best targets and minimize drilling of barren targets; in the sense of the newly understood knowledge of the integrated databases; the geology as the near perfection in actual drill success results. … which Wes commented on during the AGM

- I think we may have a “material” NR by Xmas followed by a major assay results by mid February.(my view, not JN’s)

Peter