At the Ring of Fire golf tournament I was honored to share a cart with Wes Hanson, CEO of Noront Resources. We talked about many things and I found Wes to be open, willing to answer just about any question, and placed no restrictions on what I might post. He did not even want to see what I was going to post to check for accuracy. He can also hit a golf ball 300 yards. He did hit one par five in two. He was somewhat inconsistent in his golf game but was still the best player on our team. I told him I hope he does not get much better as it would mean he was taking too much time off for golf and we need him to keep his nose to the grindstone.

Wes has had 30 years experience in the mining sector. He has been in charge of building 7 mines in previous positions. He is surrounded by others who have started mines for other companies. They know exactly the process for a successful mine project --- from working with First Nations, to the government, and to those responsible for protecting the environment, and engineering a mine.

He agreed with me that Noront is undervalued. He said that if we had gold in the ground equal to the value of the nickel and copper we would be a $20.00 stock because everyone is wanting to invest in Gold and silver. I told him one of the things that bothered me was I never saw his name or any other insider buying NOT stock. If they truly felt it was undervalued why are they not stepping up to the plate. He told me that he and most others have participated in private placements and all are shareholders. He told me walked away from $5,000,000 in his previous position to take the opportunity with NOT. He still feels he made the right decision but his payoff will be further down the line. One of the reasons the stock has been selling off is that one of the hedge funds is selling heavily to invest for more rapid growth quarter to quarter. He felt the stock will probably stay low until infrastructure is announced or the feasibility study is completed. He was surprised the Baosteel annoucement did not jumpstart the share price as that relationship is key to our future. To him it is a long term investment.

There are currently two drills running to prove up more chromite for the Chinese. There are other spots with great potential but there is sufficient value to do a successful feasibility study now, and he wants no further shareholder dilution to drill more anomalies at this time. After we have an income stream then we can find out what else is in the ground.

The plan is to complete the feasibility study which he is sure will be positive, complete the chromite drilling, and negotiate a deal with Baosteel to build a mine. About $700 to $800 million will be needed. A deal might look something like this. Bao fronts the money for 50% of our production over say 10 years. This will I am sure be an intense negotiation and many factors will come in to play.

Not does not need rail. They do need a road to build the mine. The end product will be pumped as a slurry in a 4 inch pipe 6 feet underground. By far the cheapest method of transporting the product. Not only cheaper but will be much quicker than waiting on a 5 billion dollar rail.

Wes said he has never advocated a TSX listing. It would cost around $400,000 and he would rather use the money in other ways. He felt the argument was used as a ploy to take over the company, nothing more. He was not in the picture at that time.

I am personally going to hold my position until the company is bought out, or goes bankrupt, or hits a price I cannot refuse.

I do not think Wes or the board do anything to hold the price back or fly under the radar. The price of the stock is what it is and could tank further if a worldwide recession occurs and China quits growing. It could also tank if Baosteel gives up and another major is not interested in our mine. I just do not see how we could do it alone. (Not Wes Hanson’s words)

I feel that I am more of a realist now than I was before spending time with Wes and am still invested in NOT, but without the rose colored glasses.

Thank you Ken for putting this event together. I had a ball and my wife is anxious to come back also.

Goldfinger