Everyone is getting caught up in discussions about what best to do with the money....very little discussion on the motivation here.

When NOT and EAG first entered into this option agreement, this is the way it was worded:

From news release on July 21, 2009 -- First this to describe the "Final Consideration Payment" to earn the 75% interest:

"CDN$2,500,000 on or before the later of December 31, 2012 and making an additional payment of $400,000 (the "Final Consideration Payment"), at which tine Eagle Hill will have earned 75% interest in the Windfall Lake Property."

Then this to describe the conditions for NOT taking back that 75% interest:

"After the Expenditures, the Initial, 10% Option and Final Consideration Payment requirements are met by Eagle Hill, the Company will then have three (3) years to either complete the BFS or take the project to production. If Eagle Hill does not complete a BFS or take the project to production, then the Optionor will have the option to purchase back the 75% of the Windfall Lake Property, within that three year period from Eagle Hill for $6.0 million."

Sounds to me like 3 years after the final consideration payment; but then in a later news release on June 20, 2012; all of a sudden the time line has moved forward by a great deal:

The Company has one year from April 20, 2012, to either complete a bankable feasibility study demonstrating a minimum after tax internal rate of return of 15% on the Property or give notice to the Optionor of its commitment to cause the Commencement of Commercial Production from the Property (which notice shall specify the number of tons of proven and probable ore reserves on the property at the time estimated by the Company and the anticipated annual rate of production). If the Company does not deliver the above within the specified time frame the Optionor has the option to purchase back the Company’s 75% interest in the property for the lessor of i) an amount equal to the expenses incurred by the Optionee and ii) $6 million

What happened there....can anyone explain how we got to one year from April 20, 2012?

So now....will EAG be able to meet this deadline? It's appearing like maybe they won't? Why is that? Could it be that EAG management overlooked that important detail? That they could lose their one and only asset for $6 million after all this work?

And...if they can't meet this deadline, why wouldn't NOT just wait until April and take back the whole thing for $6,000,000; then sell it all for $40 million or so?

This is indeed one stange deal....as strange really as the original option agreement in the first place...while we as NOT shareholders were awaiting news on the bulk sample...which we never got....instead, they optioned it off.

Strange too is that a private company is behind the financing here. Is there a connection? Remember that bonanza grade hole we were building the ramp to....apparently they never got there? Why did they stop only meters away? There was to be enough gold there to pay the full cost of the ramp....Will this fall into the hands of some private investors; where there will be no reporting requirements....so we will never know what happened to all that gold.

I'm feeling like we got screwed once as NOT investors and now twice as EAG investors.