I attended the Noront presentation today at PDAC.

The presentation according to the speaker Ted Basset was original supposed to be done by Paul Semple but "meetings" with their FN partners prevented him from doing so.

These meetings must have been spur of the moment.

Only Olya and Ted attended the presentation as I assume that the rest of the Management were at the meetings with the First Nations.

During the meeting he was very positive with the progress with the First Nation partners and that the principles of the deals have been made, but the details are needed to be worked out once the project start to come along.

Ted Basset seemed unprepared to do the presentation, but to be fair he did his best considering that is not his job in the company.

Nothing new came out but there were a few things of interest.

He commented on Wes' departure stating that Wes did a great job getting us through the feasibility but we needed to look for someone who can now handle the financing and raising of capital.

I do not have a word for word quote but his words pointed towards the Noront Board seeing a clear need that they now need someone who can promote and raise money.

There were very few questions but one question was why the share price has languished. Ted felt that until the infrastructure has been inked, that investors are not easily enthusiast. His words were "that is the feedback that we are getting from investors".

He shares the rest of the industry's sentiment that the whole industry is going through a tough time at the moment, but they have the cash to complete the Environmental Assessment and permitting. They will then seek $400 million in financing possibly form a strategic alliance.

JDR