RCF calls the loan. They want to be paid NOW. Noront has no money and can't find a way to raise it in the ....."current conditions"..

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Hi Babjak1......Agree 100% with your assertion that the loan from Franco Nevada

in the amount of US $ 25,000,000 is secured against NOT's acquisition from CLIFF's

namely CCOI & CCFNI. no argument there.Principal plus interest to be paid in 5 years.

Where I have to disagree with you, however reluctantly, is your claim that US $ 15 Million

Covertable loan is secured and also that they can call it (demand immidiate repayment).

Loan is NOT secured to the best of my knowledge and can NOT be called.

Loan being covertable could have been in the last two years and up to Dec 25 of this

year converted into 33,333,333 shares of NOT ( to this amount add roughly 10 t0 12

Million shares more because of Canadian Dollar exhange losses. I ignored the last

Bridge loan from RCF in the amount of US $ 2 Million wich will take another 5 to 6

Million to pay off.These amounts were posted in recent post of mine titled

Layman's Math at best.

All this still leaves me wandering why 50 Million. Mine building is approx 600 Million

and RCF might NOT be willing to take US $ 17 Millin and run.

Thanks and GLTY and all,

Fossil