Before I start, let me say that I met with some financial guys in New York in March and they were pretty blase about the future of Noront, repeating frequently that there would be little investment in this stock until some more spectacular results were forthcoming. How things change ( Baosteel) but surprisingly not the SP.

I'm over in London, more to attend the Derby than meet the money guys, but it was a given that there would be discussion with investors re the ROF. For the most part they were positive on the investment of Baosteel, noting however that this would in part stop any speculation on the stock.

I asked what it would take to move the SP back to what most of us consider a reasonable value , i.e. $10+. Without hesitation they all agreed that the key is with the Ontario Government. Given the location and the infrastructure issues it requires a sizeable financial commitment that has to be either guaranteed by Government or directly funded by them.

They also indicated that unless there are other major assay result forthcoming this stock will sit in the low $ range even with the Baosteel involvement. Do you see the corellation between Wall street and the City. They reminded me that the involvement of a major player is no guarantee of a rise in the SP. For them the Baosteel investment is pretty small $$ and they see it as a hedge bet. If Baosteel were to take a major play, i.e. $100+ mill then the City would take notice. They still believe that the major player in this whole area is Cliffs and that they have the $$ to make this happen, yet they believe that Cliffs will eventually be taken out of the game by a Major.

For me the ROF has to get $$ from McGuinty to push this forward, determining the mode of transportation and putting $$ to it would be the first move. However I now believe that this will be much longer long term hold before we see any meaningful increase in the SP.

GLTA

Joe