Here Is The Stock That Will Make Us Rich

[lor]

<TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR><TD vAlign=top>The Windfall Gold Project, Quebec, Canada

The Windfall Gold Property is part of a group of four (4) properties located within a 20 kilometres radius within the Barry-Urban greenstone belt and referred to as the Barry-Urban Projects. Murgor Resources and equal joint venture partner Freewest Resources Canada currently hold the largest and most prospective land position in the Barry-Urban Exploration Camp. The four (4) properties consist of 673 claims covering in excess of 245 square kilometres.
Location:

The Windfall Gold Property is located approximately 100 km east of the town of Lebel-Sur-Quévillon and approximately 180 km southwest of the town of Chibougamau in the Province of Québec. The property is accessible by all season logging roads and a mill will be operational at the Bachelor Lake Mine in the very near future.
Description:

The property consists of 214 mining claims covering an area of 8,995 ha.
Ownership:

Murgor owns a 50% interest in the property with equal partner Freewest Resources Canada Inc. Murgor is the operator of the project. Since February, 2007, Noront Resources Ltd. can earn a 50% interest in 29 claims of the Windfall Property from Murgor and Freewest. Murgor and Freewest will retain a 100% interest in the remaining 184 claims of the property.
Geology:

The Windfall Property covers the zone of intersection between the EW-trending Urban- Barry deformation zone and the Milner-Murgor shear corridor (respective strike lengths of approximately 15 and 12 km). The property also covers the northern half of the Windfall Felsic Complex, a package of quartz-phyric rhyolitic flows and felsic pyroclastic rocks prospective for gold mineralization. Three new gold mineralized zones were discovered by trenching and drilling in October 2004 and a total of 13,000 meters of drilling has been completed since with very impressive results.
Mineralization:

Two types of mineralization are present at the Windfall Property:

• At the F-11 Zone, mineralization consists of strongly deformed and altered rhyolite and rhyolitic fragmental rocks with up to 25% disseminated, banded and stringer pyrite, associated locally with magnetite and visible gold. Grades of up to 85.80 g/t Au over 4.00 metres and 40.62 g/t Au over 5.9 meters have been encountered in channel samples whereas drilling has intersected up to 11.91 g/t Au over 17.0 meters.
• At Zone F-17 and F-51, mineralization consists of large quartz-tourmaline-pyrite veins, locally with visible gold, hosted in a NE trending steeply north dipping brittle-ductile shear zones. Ore shoots at the F-17 Zone are plunging at approximately 10 degrees to the NE whereas ore shoots at the F-51 Zone appear to plunge at 45 degrees to the NE. The F-17 and F-51 Zones are only known from drilling with intersections such as 9.99 g/t Au over 4.00 meters, 8.89 g/t Au over 11.0 meters, 15.97 g/t Au over 7.6 meters and 44.47 g/t Au over 2.0 meters. A full list of results is provided in this pamphlet.

Status:

In February, 2007, Murgor signed an option agreement with Noront Resources Ltd. and Freewest Resources Canada Inc. whereby Noront can earn a 50% interest in 29 claims of Murgor and Freewest's Windfall Property in Northwestern Quebec. The 29 claims under option are located immediately north of the Noront property. Murgor and Freewest retain a 100% interest in 184 claims of the Windfall property including the NE extension of the gold bearing structures where a drilling program is planned before the spring of 2007. The objective of the agreement is to test and sample gold zones F-11 and F-17, previously discovered by Murgor and Freewest, with an underground exploration ramp that would start on the newly optioned ground. The ramp will also provide access to a number of deeper mineralized zones on the Noront property. Under the terms of the agreement, Noront issued a total of 750,000 common shares of Noront to the Murgor-Freewest joint venture upon signing of the agreement and will be incurring exploration expenditures of $4 million, in order to earn a participating 50% interest in the claims. Noront may earn an additional 10% participating interest providing the feasibility study is positive. Drilling and preparatory work for the exploration ramp started in April of 2007. Murgor and Freewest will be waiting to appraise the results of Noront's exploration before its next exploration program at Windfall.
</TD><TD style="PADDING-LEFT: 10px" vAlign=top align=middle>














Quebec scale location map of the Windfall Property.



Location map of the Windfall Property relative to local infrastructure.

The Noront Option consists of 29 of 214 claims of the Windfall property. The remaining 185 claims consist of a 50-50 joint venture partnership between Murgor Resources and Freewest Resources Canada Inc.

Regional geology map of the Windfall Property with historical resources.

Geological map of the Windfall Property.

Magnetic map of the Windfall Property.

Induced Polarisation map of the southern part of the Windfall property.

Long section of gold Zone F-17 at the Windfall Property.

Long section of gold Zone F-51 at the Windfall Property.



Typical gold mineralisation at Windfall. Minéralisation aurifère typique à Windfall.
</TD></TR></TBODY></TABLE>

 

[joelatti]

Lovetowin and joelatti.
you guys need to seriously chill .

you could be holding on to a potential goldmine.

have you not been reading the thread ?
can't you see the WORLD markets are down right now.
it always comes back. this will all pan out .
you two have no patience so you should have not have ever bought the stock.

from day one dougconnection said LONG TERM HOLD.

THE WORST THING ANYBODY CAN DO RIGHT NOW IS SELL ANY STOCK!!!!

READ THE FOLLOWING
PATIENCE ! PATIENCE ! PATIENCE !

Big Don when the markets were UP this stock was DOWN.....When the markets were down so was the stock....When news came out it was DOWN....I told everyone on this board to abandon ship at $4 bucks a share and buy back if you really liked it around $2...i did it and still took a bath...NO MORE for me...this stock went from 7 to UNDER $1.00!!!

F that...There are plenty of other opportunities to make money this is like watching paint dry...except for every month that goes by you lose 20% of your money

 

[lor]

This was posted on Agoracom.

On Edge regarding Windfall
Posted by: MISFIT1 on October 08, 2008 06:31PM

In response to: Well,,I tried...... by storm5151

Hi All,

In a bad mood so I will try to keep this to the point. I don't mind when Noront drops with the market but when it drops on excellent news or when everything else is green then I get upset.

I had a chance to read through the annual report yesterday. What struck me as I read all of the materials is again the lack of Windfall information. Given that the company had deferred expenses of over 6M allocated to the property at Windfall, it did made a line on the financial statements. It also made a small paragrpah on the MD&A which mentioned visible gold at Hole-17 in June. That was it.

A lot of other properties were listed, some I had not remembered. There was one flagged (NEW) and some other non-ROF where $3M will be spent.

But what was really surprising was that in the three page letter from Richard outlining the company's year, it was all focussed on McFaulds. Not one mention of the ramp, the progress at Windfall, the gold prospect in light of high gold prices.

So I did what every good DDer does and went to the Murgor and FreeWest web sites and filings to try to find out some information on Windfall given the current operator seems to have neglected to mention anything in the current package that was relevant since June.

FreeWest has the best information. At least in terms of geo pictures. Where the holes are, what some of the historical results have been, and those EM pics that geos like to post. Not much they are hiding in terms of these surveys. Mind you, the information ended at the JV border.

Murgor had no pictures but their MD&A stated that they are awaiting a report from Noront. They are also awaiting the assay results from Noront from zones F-11 and F-17 where visible gold was seen in June. Let's see -- July, August, September, October.

Did Bonnie and Clyde steal the drill cores?

I am going to give Richard the benefit of the doubt here and say that if he is cooking up something good, I am willing to wait for the meal. I realize that when strategic negotiations are going on that news cannot be released. As long as he has the shareholder's (that means all shareholders including us retailers) best interests in mind, then I wish him well in whatever it is he is up to.

BUT:

If Noront knows that Windfall has turned out to be a dud and they have not released this information to us, I will buy the fan and bring it to the meeting. The reason: We have seen a 50% share price drop in the past two weeks. Even in bad markets there are people willing to invest in undervalued plays. Especially those with excellent properties. If the share price continues to fall with the increased volumes we saw today and it turns out that Windfall results were sub-par, then it will be obvious which shareholders benefitted from prior news. It will not be the one's posting on here.

No one with a strong belief in this company would have sold under a minimum of $3 unless it was to day trade. That is unless there was a reason to sell such as a divorce settlement, margin cover, insider information, ...

At the end of the day I need to know why Richard and Noront have distanced themselves from what was once the gem in the crown for Noront - this being Windfall. What is the big secret here? If by keeping it secret we will all prosper in the future, then by all means keep it low-key until all the I's are crossed and the T's are dotted. But try not to make is so obvious by completely ignoring the property.

But if they are minimalizing Windfall because of less than expected outcomes, then just tell us and pull the tooth already. Pretending Windfall does not exists does not make it go away.

It is time for an update on Windfall from Richard! If not now then by the AGM. Anything else is irresponsible to those who have kept the faith in Windfall and Noront since December 2006 as we have no information to assist us in light of this rapidly dropping share price.

Holding but still expect to be provided some information once in awhile,

M1.


This was posted on TC by Al

Yes, hard to understand how NOT isn't talking about Windfall right now. Makes you wonder if 1 of 2 things is happening with it.

#1) is NOT going to split this stock off into 2 stocks, one for McFaulds Lake the other for Windfall

OR

#2) is NOT going to somehow try and bundle it up, then sell Windfall and live off the cash it brings in


...personally I am hoping they take Windfall into production. With those high grades it should be a cash cow for NOT for years to come. It would sure beat trying to get financing down the road, to have a cash cow at your beckon call.

 

[lor]

Post from AB

MUST READ

Posted by: schmidthb on October 08, 2008 10:22PM

<TABLE style="BORDER-COLLAPSE: collapse" width="100%"><TBODY><TR><TD style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; FONT-SIZE: 12pt; PADDING-BOTTOM: 0px; DIRECTION: ltr; PADDING-TOP: 0px; FONT-FAMILY: arial, sans-serif" width="100%">This Warren Irwin of Rosseau management Ltd, has anounced he now owns 10% of Noront stock and can partner with others and can speak for at least 30% of Noront's stock.
As you can see from the article I have posted below, he is one of the main reasons (due to his shorting of the stock) that the price is where it is. The market is bad enough without this bottom feeder stealing the investment that we believe in and have waited so long to bring to fruition.
Rosseau Mgt's "MO" is to steal the stock through "shorting", take over the company, get rid of the board, give stock options etc. to himself and new board members (his partners). He then dilutes the stock by new private placements. (remember the present board members all have Golden parachutes which will cost Noront $$$.] He will then DUMP Noront for a quick profit.
This man does not have the STOCK HOLDERS best interest in mind. Don't forget as a Hedge Fund he also gets a 20% commission for the Sale.
I am told that less than 30% of retail holders of this stock even bother to send in their proxy's.
YOUR VOTE IS VERY IMPORTANT. SEND IN YOUR PROXY AND TELL YOU FRIENDS TO DO THE SAME!!!
Here’s an idea as to what this guy represents……

Funds: Finding a gold mine in resources
By Andrei Postelnicu Bloomberg News
Tuesday, February 20, 2007
Warren Irwin is sticking with mining companies, even though his hedge fund, the best performer among its peers in 2006, is down 3.7 percent this year.
Gold mine investments brought Rosseau Limited Partnership a 122 percent return last year, the most among hedge funds that bet on mergers, liquedations and spinoffs, according to the most recent rankings from Hedge Fund Research. Irwin topped 240 other managers in the group, which had average returns of 15 percent in 2006.
Irwin, who is based in Toronto, buys stakes in mines before they have proven their reserves, in the hope that they will be sold. Last year, for example, he quadrupled his money when he sold his holdings in Virginia Gold Mines, a Quebec city exploration company, to GoldCorp, the second-largest Canadian producer after Barrick Gold, the world's largest.
"It's hard to turn our backs on the resources sector," said Irwin, who said he almost died in a helicopter crash while scouting for gold in Ecuador last year.
"It's extremely hard to find a drill rig in the world today because they're all working," he said. The odds against finding a new mineral discovery will remain substantial, he added.
Irwin, whose firm manages 200 million Canadian dollars, or $172 million, in assets, said he did not worry much about the price of gold, down from about $730 an ounce last May to around $670 this week.
"New discoveries will pay off regardless of the price," he said.
Rosseau is up against investment firms like RAB Special Situations, the flagship fund of RAB Capital, which is based in London. RAB returned nearly 50 percent in the year through January, according to data compiled by Bloomberg. Rosseau gained 100 percent in the same period.
Matthew Turner, an analyst at Virtual Metals Consulting in London, said that mining companies could become victims of their success.
"When prices are high, there's a boom in exploration, then prices decline and exploration slows," he said.
Irwin has traveled to 20 countries in South America, Africa and Asia in the past two years. His staff of seven employees spend a few months researching a company's chances of finding reserves as well as the strength of management before deciding whether to invest.
Mine operators that misrepresent their prospects pose a danger in Irwin's business, he said. In one of the most notorious cases, a company called Bre-X Minerals in Calgary, Alberta, soared to a market value of $4 billion before declaring bankruptcy after claims of huge reserves in Indonesia were found to be a hoax.
"We reduce our risk by jumping on a plane and visiting these properties and doing the research on them," Irwin said. "We're lucky to be in Toronto, which is the center of the universe for mining finance."
Demand for gold will exceed supply for the next 5 to 10 years, said Jon Bergtheil, an analyst at J.P. Morgan Securities in London. "The need to replace gold reserves is dramatic."
Hedge funds like Rosseau — private pools of capital catering to investors with at least $1 million — aim to make money whether markets rise or fall. The average fund returned 13 percent last year, according to Hedge Fund Research in Chicago.
That trailed the 16 percent gain of the Standard & Poor's 500-stock index and the 21 percent rise, in U.S. dollars, of the MSCI world index.
The Rosseau returns were more than triple those of the second-best event- driven hedge fund in 2006, MMCAP Capital of the Cayman Islands, said Scott Esser of Hedge Fund Research.
Irwin said his fund's performance last year, its best ever, did not mean that he was married to precious-metals mining companies, which comprise about a third of his holdings. Another third is in resources like natural gas, oil and base metals, he said.
Rosseau bought Guyana Goldfields, a metals exploration company based in Toronto, and predicted that the company would be bought out in 2006. It was not, though the shares are up almost 180 percent from a year ago.
Rosseau also bought Pele Mountain Resources, also of Toronto, on predictions that it would yield diamonds. Instead, the company discovered uranium deposits, and the shares were up almost 300 percent from a year ago.
"I don't care whether we are operating in distressed securities, shorting common stocks, junk bonds or turnaround situations," Irwin wrote in his 2006 update. "I just like to be in areas where the risk-reward ratio is the most attractive."
Irwin usually keeps about 10 percent of Rosseau assets in cash. The fund now has about 25 percent in cash because it has sold investments and is funding new ones.
Irwin has bet on declining share prices, known as short-selling, which involves selling borrowed stock and trying to buy it back at a lower price. Shorting helped Rosseau return 33 percent in 2000, when technology stocks plunged.
For example, after profiting from a rally in 1999 in Wi-Lan, based in Ottawa, he made money the following year by shorting the stock.
The fund's second-best year was 1999, when it returned 65 percent by investing in Wi-Lan and Cell-Loc, which is based in Calgary.
Rosseau has not always made money. In 2002, it lost 18 percent after financial fraud came to light at one investment. Irwin declined to name the company, saying the case was not public.
Rosseau lost 5 percent in 2004 because the fund was holding mainly mining stocks and missed out on a rally in oil and natural gas companies, as well as steel maker, Irwin said.
The energy index of the S&P 500 rose 31.5 percent that year, while Exxon Mobil shares rose 28 percent in the period.
The S&P 500 index rose 17 percent between Jan. 1, 1999, and Jan. 31 this year, while Rosseau returned 677 percent in that period, Irwin said.
RAB Special Situations has returned more than 800 percent since it started in August 2003, while Rosseau returned 262 percent in the same period, according to Bloomberg data.
Irwin, a certified financial analyst who got his master's degree in business administration from the University of Western Ontario in 1991, missed some opportunities because of the time it took to research a mining investment. Irwin told investors in his 2006 update that he was disappointed not to discover one African mine last year. He would not disclose further details.
Like most hedge funds, Rosseau charges investors a 2 percent management fee to look after their money and keeps 20 percent of any money it makes as a so-called incentive fee.
As for the next special situation Rosseau will invest in, Irwin offers few specifics. "Whatever it is, it will have something to do with China's economy," he said.
http://www.iht.com/articles/2007/02/...

</TD></TR></TBODY></TABLE>

 

[lor]

Here's 2 phone calls to Noront office that was posted on Agora NOT board, hardly worth reading. But both calls did anger me alittle with some of the answers the caller receiver from the office, "What do you mean", "Well, it is hard to say once you get down there", "it must have been an oversight" I am really thinking something is brewing and it isn't going to be good for us share holders.

Posted by: glorieux on October 08, 2008 09:04PM

I did call the office this morning and asked for RN...This was at 10am and he was still not in the office so I was told. I asked if there was ANYONE that could talk to me about Windfall. I was put on hold and after a bried pause and no info as to whom I would be speaking, I was put thru to John Harvey. John was his usual, conservative self. I asked very plainly: Why are we getting no news for Windfall? Why is Noront down playing Windfall? This was met with: What do you mean? I said that both the website and the MDA were guilty of downplaying Windfall? Is there a reason for this. He said: We do not have any new material info on Windfall and when we do, we will have a NR. Have we reached zone 100 yet? Well, it is hard to say once you get down there...we are trying to follow the quartz/sulfides but hard to say if we are there yet? I was frustrated I was not getting more info and I thanked him for his time and hung up.



Posted by: storm5151 on October 08, 2008 05:51PM

Well I tried to talk to Richard, its the first time I called the office ( quite frankly they have better things to do then waste time with small investors like me) but I had to ask about Windfall.

The receptionist indicated he was in ANOTHER meeting and would be tied up most afternoon.

I asked about the presentation with virtually no mention of Windfall, she kind of blew it off saying you aren't the first to ask. I said that for all the excitement that Windfall generated you would think there would be some mention. Her response was it must have been an oversight and that I would have to ask Richard.

I said there seems to be a lot of speculation about Windfall being dealt off......her response was "I can't respond to that" She was in quite good spirits

Also did anyone notice in the annual report that this company has spent less then 12 grand on promotion? 12 grand? Hell, I spend more then that on a managers meeting for my team.... My personal opinion is they are too busy working on the PLAN to promote the company. I suppose it will become clear in the next few weeks and I suspect it will have to be a lot clearer prior to the AGM as they don't want a room full of angry and frustrated investors.

I left my number for Richard to call, if he does, I'll post his response.

 

[lor]

Noront holder Rosseau to propose new slate of directors



2008-10-09 07:31 ET - News Release
Mr. Warren Irwin of Rosseau Asset Management reports
ROSSEAU ASSET MANAGEMENT LTD. TO PROPOSE NEW SLATE OF DIRECTORS FOR NORONT RESOURCES LTD.
Rosseau Asset Management Ltd. will be proposing a new slate of directors for Noront Resources Ltd. for election at the upcoming annual and special meeting of the shareholders of Noront to be held on Oct. 28, 2008. Rosseau and its officers and employees collectively own or control a total of 11,912,901 common shares of Noront, representing approximately 9.2 per cent of the common shares of Noront entitled to be voted at the meeting.
The following seven individuals will be proposed by Rosseau for election as directors of Noront at the meeting:

• Patrick F.N. Anderson (president and chief executive officer, Aurelian Resources Inc.);

• Bruce Durham (independent mining executive; executive chairman, Temex Resources Corp.);

• Joseph A. Hamilton (president, Pickax International Corp.);

• Warren B. Irwin (president and chief investment officer, Rosseau Asset Management Ltd.);

• Keith McKay (chief financial officer, Aurelian Resources Inc.);

• Thomas Obradovich (independent mining executive; chairman, Independent Nickel Corp.);

• Michael D. Woollcombe (partner, Voorheis & Co. LLP).

Rosseau is soliciting proxies from holders of Noront common shares to vote for the Rosseau nominees and not in favour of the nominees being proposed by Noront's management.
The reasons for supporting the Rosseau nominees, including details of their background and experience, are set forth in a proxy circular of Rosseau and others dated Oct. 8, 2008. The Rosseau circular and accompanying yellow form of proxy have been filed with Canadian securities regulators and are accessible on the System for Electronic Document Analysis and Retrieval (SEDAR). These materials will also be mailed shortly to holders of Noront common shares.
Warren B. Irwin, the president and chief investment officer of Rosseau, stated: "Noront is a mining company with great potential based on its discovery in the McFaulds Lake area in the James Bay Lowlands, but it is suffering from a lack of focus and inadequate direction, oversight and leadership from Noront's existing board of directors and president and chief executive officer. The time has come to provide Noront with the direction and leadership it requires through a new board of directors. The Rosseau nominees have the right experience in prospecting, geology, exploration, mining, public companies, corporate development, corporate governance, capital markets and other matters to allow Noront to begin realizing on its full potential. They also all share one vision and commitment, which is to enhance value for the benefit of all shareholders of Noront."
The Rosseau circular outlines a number of matters that demonstrate the shortcomings of Noront's existing board of directors and president and CEO and highlights the lack of focus and inadequate direction, oversight and leadership under which Noront is currently suffering:

• Noront recently wasted what it said would be approximately $15-million further developing its Windfall Lake gold property in Urban township, Quebec, as well as over $1-million on other non-core properties, taking scarce cash, human resources and focus away from the core McFaulds Lake discovery;

• Noront has severely diluted its McFaulds Lake claims position by entering into at least 11 different option agreements, which also drained and distracted Noront's administrative and operating resources;

• Noront is squandering its leadership position in the McFaulds Lake area by optioning out its ground, rather than consolidating other players in the region to form a company with critical mass which is capable of bringing a project into development;

• Noront has been unwilling or unable to deliver on several important initiatives to enhance shareholder value including finding a replacement for the president and CEO, obtaining a listing on the Toronto Stock Exchange and spinning off non-core assets to shareholders;

• Noront's senior management is prone to exaggeration and promotion that contributed to prematurely inflating Noront's share price to unsustainable levels, leaving it to later crash after Noront failed to meet unrealistic expectations.

Mr. Irwin concluded: "Notwithstanding our concerns about Noront's current board of directors and president and chief executive officer, we have never lost faith in the McFaulds Lake discovery and believe that, with proper leadership, oversight and vision, Noront's long-term prospects are bright. We are confident that the Rosseau nominees will move firmly and decisively to focus Noront's business and operations on the core McFaulds Lake discovery and to develop and then implement a multiyear plan to maximize the value of that discovery over the long-term for the benefit of Noront's shareholders."
Holders of Noront common shares are encouraged to contact Kingsdale Shareholder Services Inc. (telephone No: 416-867-2272 (collect calls accepted) or 1-800-749-9052 (toll-free)), which is assisting Rosseau, with any questions or if they require assistance in voting the yellow form of proxy that accompanies the Rosseau circular. To ensure that their votes count, holders of Noront common shares who wish to vote in favour of the Rosseau nominees are asked to send their completed, dated and signed yellow proxies to Kingsdale Shareholder Services Inc. by no later than 5 p.m. (Toronto time) on Thursday, Oct. 23, 2008, either by facsimile (to fax No. 1-866-545-5580) or by delivery to Kingsdale at the Exchange Tower, 130 King St. West, Suite 2950, P.O. Box 361, Toronto, Ont., M5X 1C7.

 

[lor]

Misfit's Call to Arms

Posted by: MISFIT1 on October 09, 2008 02:28AM

Hi All,
I logged in to check some email and was shocked at the number of posts. After reading through DonnyParks original post, I now know why.
Many of us on here (CrazyDik, DonyPee, Misfit, ... have been with this stock since pre-Windfall Hole 100 days. The share price back then was .18 cents and all noront had was a dream. Today we closed at .95 and we have a world class assets close to surface.
I have not shared this before but one thing that worried me back in December 2006 was the PP which saw the O/S go from 60 million to 105 million shares. I had posted several times that the naked shorting going on allowed the likes of Pinetree, Sprott, and others gain shares in Noront at .50 cents (with .75 warrants) at a time when we had hit a $1 just the week before.
At the time I worried that we had sold our souls but is was necessary to raise the money required to build the ramp. 22.5 million was raised in less than a week so with money in the bank Richard moved forward and built a ramp over the next 18 months.
Why are we so passionate about Windfall? It is not only because of the Gold. It is because it was the defining moment for all shareholders of this formerly 9 million dollar market cap company. The building of the ramp was the fulfillment of a dream. One that the original visionary may not even be able to complete given today's information.
My concern over those first few weeks was a hostile takeover. Within weeks we had a shareholder's rights plan that was finally ratified six months later in June 2007. But those plans deal with the external threat. Not from one within. It should be noted that ARU also had a very similar SRP to ours. Not sure how much this helped them recently.
The Eagle One discovery changed everything in August 2007. There is no doubt that the area is a significant future mining powerhorse. Just a year into the exploration and many companies are spending millions and millions in a hope of being a part of the big show. The show is real as the assay results don't lie. To many hits coming from too many difference areas and companies. Maybe not as fast as most like but then again this is the first summer most other companies have been out there.
I once pondered how a company would best launch a hostile takeover of NOT. My answer was: with a lot of time and patience.
The time to make a run at NOT was not when it was $7. I remember Michael from IBK was telling the Richmond Club that at $5 it was not too late to get in. The problem with that statement is the pros do not like getting in late at a higher price than everyone else. The funds have enough resources to widdle away at the share price day by day in order to drive prices lower into a range that suits their preference.
Take a look at the Buy and Sell pattern that Rousseau has posted in their circular. You will see that they bought then sold at a loss and then bought much more at a lower price. Especially the last six months.
Now that a perfect storm has brewed with the triple digit drops in the TSX-V, a perfectly healthy company is at risk of takeover. While some of the grievances that Rousseau brings up have crossed my mind at times, some are just not true. The 15 million destined for Windfall was required to be spent at Windfall due to the prior PP in December 2006. Some of that money was flow-thru and some based on tax concessions in Quebec. To say the money could and should have been easily transferred to McFaulds is just not true. I will tell you having just visited a 1000 foot ramp in California, it is the most effecient way to mine high grade gold. To suggest Windfall should have been dropped is in itself irresponsible as Gold has been at high levels the past two years and remains at high levels. That and the direct shipping of the ore for processing just 45 minutes away could have funded Double Eagle for years to come.
In this poor market, the vultures have gathered and are starting to take aim. This is a very serious event. For those who remember the movie Wall Street, there was a time in the 80s where investment bankers would buy undervalued companies and then shut them down and sell off the assets for a profit, leaving shareholders without full value and people without jobs. These men were called corporate raiders.
From what I have read in the circular, Rousseau is making a run at the company. Do you really believe they have your best interests in mind? I am not questioning their frustrations. I am questioning their ulterior motives.
Replace the existing board with a new one and I predict the following will happen:
The current staff with all of their current $5.18 cents stock options will be cleaned out. They will be replaced with Aurilean cronies.
The company will suddenly "need money". How does $100 million sound? That's 100M new shares at $1 a piece given recent pricing. How about 200M shares? Who will buy these? Rousseau perhaps?
Now your shares hold much less than half their value. Now control is fully over 50% on one side. Time for a sale perhaps? Likely already lined up. 230 million shares at $3 per share? $690 million. and an easy triple for the Rousseau folks. 300 million for a year's worth of work.
The timing for this is perfect for them. Our regular supporters Sprott and Pinetree have been taking a beating in the junior markets and are struggling to survive. The US investment banks have been beaten down so bad that no cash remains. And there are few buyers in this market meltdown.
Our only hope in all this is that this proposal gets enough nays to get shot down or that Richard finds a buyer in the next two weeks who wants to eliminate this possibility.
Here is how we can act:
1) Use the proxy votes as has been recommended by many of the regulars on here. Richard may not be perfect but he has been a straight shooter. I trust him with my votes.
2) Until the AGM, I propose that this topic dominate the board. Assays, theories, musings, US markets, elections, and the such are great in times of peace, but we are now at war. Let's use our combined resources to research and communicate what our options are and how we can best support the company at this time.
3) If possible, find somebody who knows somebody at a news outlet. Given that Noront is on the TSX-V's top 50 and #1 in mining, then this will make a good story. At the least it might alert a few majors what a small hedge fund is up to.
4) Save the calls to the office. Richard is likely not sleeping and my guess is that the team is in the War room as we speak. We can call him after the AGM.
5) Let's come up with some battle plans given different situations that play out. Plans Bs and Cs should this coup go through. What our our legal rights should dillition take place? There is a lot of experience on this board and the person who normally takes the time to talk to us retailers is being threatened. It is out time to do what we can to protect him and thus us.
6) The pros have already infiltrated the board and we and Agoracom may not be able to keep up as to who is legit or not as the paid pros try to mute our message. If needed, we may have to make plans via an alternative venue, but I promise the key message will always be brought back home to this forum.
7) Somebody please wake up sleeping CrazyDick. We need everyone on this. Additionally, let's put past differences aside.
I know it is a cliche but I am one shareholder who is not going to go out without my guns blazing. I am tired of seeing the little guy getting the shaft and I for one an unwilling to get the shaft as long as I hold shares in this company. In a world of shorting, cross selling, dumping, bashing, and the like, it is hard enough for the regular guy to make a go of most investments. To think somebody might steal away one of the best investments through an AGM raid, after the thousands of hours of research and discussions I have put into this stock is motivation enough to do all I can in the next two weeks.
The gloves are off. You don't mess with a Canadian and his money!
M1.

 

[lor]

<TABLE width="100%"><TBODY><TR><TD>Noront holder Rosseau to propose new slate of directors</TD><TD align=right>

</TD></TR></TBODY></TABLE>
I think the dissident(s) are market opportunists. They have no justification here.

1) The market has killed all explorers. Noront is no exception. UEX is a good example.
2) The shares have fallen no more than ANY other explorer on the TSXV
3) The TSXV is under heavy selling pressure 3400 to 1026 is a 66% drop
4) The excuses for replacement are just that, excuses.


Quote:
a) Noront recently wasted what it said would be approximately $15-million further developing its Windfall Lake gold property in Urban township, Quebec, as well as over $1-million on other non-core properties, taking scarce cash, human resources and focus away from the core McFaulds Lake discovery;

ANS: Putting all your eggs in one basket, a basket that is so far from infrastructure that the costs to development is mind boggling is a foolish approach. The development of McFaulds will take Billions, not millions. Realistically focusing exclusively on McFaulds may result in exactly the same problem Bema had with Cerra Casale. They proved 21mm ounces of Gold and 5 billion pounds of copper in 1999. The property still sits there TOTALLY undeveloped. Why? Infrastructure costs would have been $1.5billion in 1999, everyone thought that was too expensive.

McFaulds Lake will have infrastructure costs that exceed $2.5Billion in my opinion, and if I were to be challenged on that, I would tend to think my guess is a lowball not a highball.

Having another possible producing property or saleable property is the best approach in this banking climate.


Quote:

b)Noront has severely diluted its McFaulds Lake claims position by entering into at least 11 different option agreements, which also drained and distracted Noront's administrative and operating resources;


Yes, and that is a great idea. Option agreements give immediate money upfront and gets the property drilled. this assists the surrounding groups in finding a source of their is one. THIS IS A GOOD IDEA


Quote:
c)Noront has been unwilling or unable to deliver on several important initiatives to enhance shareholder value including finding a replacement for the president and CEO, obtaining a listing on the Toronto Stock Exchange and spinning off non-core assets to shareholders;


The market collapse was not advertised in advance so companies could unload properties. Banks clammed up first so by the time it was obvious it was too late. Shareholder value- This guy is excluding what is happening in the rest of the world to create an opportunity for himself. Everyone has seen shareholder value erroded in every stock perhaps we should toss the management of all the companies ?


Quote:
d)
Noront's senior management is prone to exaggeration and promotion that contributed to prematurely inflating Noront's share price to unsustainable levels, leaving it to later crash after Noront failed to meet unrealistic expectations.


Amazing hindsight there dissident group! If Nemiss had hit every drill hole you would be heralding him as the t Boone Pickens of Nickel. How do you get option agreements in a slew/bog in the middle of nowhere and have others spend money? I have never heard of a person complaining about Promo unless he bought the top. I think that is the issue here, sour grapes.


Quote:
e) Noront's long-term prospects are bright. We are confident that the Rosseau nominees will move firmly and decisively to focus Noront's business and operations on the core McFaulds Lake discovery and to develop and then implement a multiyear plan to maximize the value of that discovery over the long-term for the benefit of Noront's shareholders."


I do not agree. The new board will toss what the dissident groups considers non-core assets. They then will tie their single horse, to one of the most costly projects to bring to production on the planet, bar none. In a time of failing banks and failing opportunities to acquire exploration money this dissident group is ensuring total paralysis in McFaulds.


Declaration
I do not own shares and have not shorted shares in Noront.
I do not own shares in any associated companies that are in the McFaulds Lake area.
I think the dissident is uninformed and is dispalying radical thought at a time in the markets when sane thought is needed.
All my opinion only.

TradingChief

 

[lor]

<TABLE width="100%"><TBODY><TR><TD>Friday morning thoughts from TC</TD><TD align=right>

</TD></TR></TBODY></TABLE>
Good morning. In the overseas markets, the major indices in Asia suffered what we can safely call "Capitulation Friday". The Hang Seng in China was down 7.19, the All Ordinaries in Australia was down 8.20% and the Nikkei in Japan was down 9.62%. Japan's Nikkei was down 24 percent for the week, while the U.S. dollar rose to a 14-month high against a group of major currencies, on panic that global efforts so far have failed to stop financial chaos from spreading. A synchronised cut in borrowing costs by central banks around the world this week was seen as too little, too late, and investors doubted a meeting of the Group of Seven rich nations later on Friday, could achieve much, with fears growing that the global economy is headed towards recession. Fears of a sharp slowdown in demand for raw materials from heavy consumers like China and the United States dragged oil prices down to a 12-month low below $83 a barrel. It's impossible to predict the bottom, and technical analysis is meaningless as panic and fear overwhelm the markets. Japan has a market holiday on Monday, so investors did not want to be caught unprepared. China's Hang Seng index dropped almost 8 percent overnight, to a near three-year low. The market value of companies listed on the Hang Seng has lost almost half its value in 2008. If one looks at the Asian indices one could assume the world is coming to an end as we know it. "Capitulation Friday" is a day that will be long remembered in the Asian indices.

In Europe the major indices have opened and they are following the lead of the Asian indices. It is apparent "Capitulation Friday" is spreading to the European indices like a bushfire out of control. Global recession fears are mounting, and investors are shrugging off efforts by governments and central banks to ease the strain in the credit markets. There is a certain level of fear, just by the sheer size of the overnight drop, of the markets in Asia. Investors are concerned about the possibility of the global economy heading into depression. The Wall street Journal is reporting this morning, the U.S. government is weighing guaranteeing billions of dollars in bank debt and temporarily insuring all U.S. bank deposits, in a bid to unfreeze bank lending and staunch massive losses in equity markets. One gets the feeling that this market is now strictly confined to the brave.

On the economic calendar we have the Export Prices ex-agriculture, the Import Prices ex-oil and the Trade Balance numbers at 8:30 am. Nothing on this morning calendar to have much effect on market direction. At 10 am this morning Bush will supposedly have a statement to try and ease investors fears. The early futures numbers are pointing to another down open for the US Indices. Looking at the overseas markets one has to wonder if "Capitulation Friday" will spill over into the North American indices. Yesterday we had a positive open for the North American indices then the panic crept into the markets and the sell off that ensued is now history. We are at the point where hedge funds and mutual fund redemptions, are like adding fuel to a roaring fire. The downword spiral is picking up steam as investors are finally throwing in the towel trying to salvage what they have left. The longs in the market are now in panic mode and selling off their positions, realizing if they sell today, they can buy the same stock back cheaper tomorrow. There just doesn't seem to be any reason to own stocks right now. Investors mindsets are showing the world is coming to an end mentality. One can safely assume there are hundreds of billions of dollars sitting on the sidelines or in money market funds waiting for the selloff of 2008 to come to an end in the equity markets. For this downward death spiral to end, the markets need for the redemptions of the funds to abate, then the sideline money to realize the equity sell off to be overdone and then let the bargain shopping begin. It is impossible for anyone to predict where the absolute bottom is, it could occur today, next week, next month, next year or next decade. But as history has shown us at some point the sellers will be exhausted and the buyers will jump in, and take back control of the markets. Personally I think we need to see a day, where there is just absolute panic, investors dump their stocks and there is just a total lack of buyers to pick up their sells. The indices need to plunge and then boom, the bears will be exhausted, the bulls will jump back in and take control. Perhaps a selloff in the 15% loss range, then a close to where the indices are up about 5% for the day, would do it for me. As bleak as it now appears, there will come a point when these markets turn around. History tells us so.

Back in McFaulds Lake, the battle for control of NOT is on. Yesterday once the battle was announced NOT's share price picked up and close up over 22% on far heavier volume as usual. On a day when the markets were in panic crash mode, yesterday was a welcomed day by NOT investors. The old adage every dog has its day certainly rang true for NOT yesterday. It was one of the few shining stars in an otherwise bleak market. On NOT's chart we have support at $.96 and resistance at $1.34 and the 13(MA) now sits at $1.41. The chart indicators have all turned positive and are pointing to a test of the 13(MA) short term. The biggest problem for NOT, heading into trading for today, is the "Capitulation Friday" scenario that is playing out in the worlds equity markets. If capitulation selling picks up steam, I doubt NOT can continue to buck the trend. However stranger things have happened.

The story of Rosseau Asset Management was the talk of the internet chat boards yesterday. Rosseau who owns 9.2% of NOT claims to have aligned themselves with a few other major holders of NOT to control around 30% of the shares of NOT. They would like to purge the current management of NOT and put in place their own team of board of directors and also replace Nemis the current President and CEO. Their claim is they want to enhance the value of NOT for the benefit of all the current shareholders. When looking over the share base of NOT it is apparent Rosseau has in all probabilities, aligned themselves with Sprott and Pinetree, so this battle could get real interesting as the story unfolds. These three bandits, Rosseau, Pinetree and Sprott were buyers of NOT's previous PP's and in hindsight, we now know it is most likely this group, that has been shorting NOT's share price to the level it is currently trading at. In a weak environment for resource stocks in general, it was fairly easy for this group to coordinate an attack on NOT's share price, because they could short with the knowledge they could cover their shorts, with cheap warrants they acquired when they took part in NOT's past PP's. We can talk about this group and hate them to we are blue in the face, but we must now sit down face the reality of the situation. As shareholders of NOT we have got our AGM voting papers in the mail and we are now faced with two choices. Vote for the Rosseau proposal or vote to stick with the current management team. One thing is very apparent, if shareholders don't take the time to vote, the Rosseau proposal will win in a landslide. Nemis had better get the word out to the current shareholders and plead with them to vote, or he will be looking for a new job come the 1st of November. History has shown us the majority of shareholders don't bother to vote and if this is the case this time, Nemis can start packing his suitcase. A 30% block of votes which Rosseau claims to have is "almost" an insurmountable amount to overcome. The key word is "almost". If the current NOT shareholders band together and get organized and get the word out for shareholders to vote, they can win this vote. It will be difficult, but it is possible. It will be interesting to see how Nemis plays this situation, in one of the most important battles of his career. It is too bad these two sides can't sit down and work something out that would be satisfactory to both sides. Stay tuned this one is going to be very interesting leading up to the AGM on October 28th.

FNC's share price also had a big day yesterday. FNC's share price was up over 21% on a bleak day for the majority of stocks. The rumour of a hit by FNC and NOT of mineralized massive sulphides near FNC's C-1 drilling target, has obviously caught investors attention. Hopefully Nemis doesn't get caught up entirely in his proxy battle and forget to keep his current shareholders updated, in the day to day drilling, that is occurring at this very important drill location. The reason I put the onus on Nemis for the visual updates is we all know Peter Smith and FNC are still in the midst of closing a portion of his prior announced PP. So I doubt we would hear much from Smith until the PP is closed and the exchange has approved it. Investors should be cautioned this hit of a massive sulphide hit by FNC is nothing more than a rumour, so it should be treated as such. Unless we actually see a news release give these rumours about a 10% probability factor at best. However, something is keeping investors interested in FNC, as evidenced by it's share price. This stock has held up remarkably well in this market. This is a very risky play, but the rewards could be high, if FNC discovers some nickel of significance.

FWR's share price is currently a huge disappointment to it's shareholders. Mac Watson claims, from very rough calculations, that FWR has discovered between 100 to 150 million tonnes of high grade chrome on its current drill program and the market has given this stock very little valuation, if any for this discovery. We should be hearing visuals from the last drill hole into this chrome deposit shortly, possibly today. Now FWR's drill program turns and starts to focus on some nickel possibilities on this anomoly. It appears they will be drilling around 5 holes in their search for nickel. Geologist types are saying looking at the VTEM surveys, these nickel targets look like they have some excellent potential to come up with some Eagle One type mineralization. McFaulds Lake badly needs FWR to make a hit on this nickel portion of it's drilling program. The mere words "mineralized massive sulphides", over some decent intercepts and you can be guaranteed, investors would come scrambling back into these stocks, like flies to a pile of fresh moose droppings. Stay tuned over the next couple of weeks we will know if FWR is now one of the big boys in McFaulds Lake, or will it fall back into the category of wantabees. JMHO

Investors should be warned, unless you are playing a stock in McFaulds Lake that is currently drilling, you are taking on far too much risk by owning these stocks. The TSX-v exchange is the high risk portion of the Canadian stock markets. Currently this indice is down around 70% and the bottom is still not in sight. Investors must remember, when and if these markets ever bottom out and return to some degree of normalcy, the money will not be coming back int the venture exchange first. Investors will start buying the better stocks that are listed on the TSE, long before they even look at the TSX-v stocks. Many of the TSX-v stocks will never come back, my bet is many will be de-listed, before this is all said and and done. Yes there are a few select stocks on the TSX-v that investors will put there money in, when normalcy returns, but only a very few. It is my belief NOT is one of these stocks. They actually have something of value they have discovered, but many of these stocks that just hope they find something, won't be going anywhere in the foreseeable future. If I owned any of these smaller stocks, I would be cutting my losses, when there still is opportunity to do so. If you take this money and place it in one of the stocks that has been beaten down and has some value, you will be at least giving yourself the chance to recoup some of your losses. Sitting on the dead money of many of these smaller stocks, you are giving yourself very little opportunity to recoup your losses anytime soon. Look over your portfolio of these high risk stocks on the venture exchange and rearrange them, give yourself at least some hope. This is the only way out of the mess many currently find themselves in. JMHO

Best of luck to all McFaulds Lake investors.





Al

 

[lor]

I have been told by the office....

Posted by: Canseco on October 10, 2008 10:19PM

Richard is concerned about the proxy vote, but he has not given up and is not a quitter. They will do everything in their power to deal with the situation.

I was told, "there will be a tremendous amount of information coming out over the next ten days. They went on to say Noront is a tremendous company and our shares are worth a lot of money and we will be very impressed with the information coming out.
They said we will not have a board of directors that cares about the common shareholder if this hedge fund gets in.
They mentioned that the current shareprice is, of course, way undervalued, and partly the result of overall market conditions.
It was repeated that the information coming out soon, will show us the value of our company.
The Windfall ramp has reached its goal and they would be bulk sampling it in the next week to ten days. Sounded like everything is normal there.

 

[lor]

<TABLE width="100%"><TBODY><TR><TD>Noront Announces Assays Increasing Eagle Two Potential</TD><TD align=right>

</TD></TR></TBODY></TABLE>
TORONTO, ONTARIO--(Marketwire - Oct. 10, 2008) - Noront Resources Ltd. (\"Noront\") (TSX VENTURE:NOT) wishes to present the following update on its nickel - copper - platinum group metal exploration activities in the Ring of Fire portion of the McFaulds Lake area of northern Ontario in the James Bay Lowlands.



EXPLORATION HIGHLIGHTS

At Eagle Two, hole NOT-08-1G40 encountered 5.4 meters that averaged
2.17% Ni, 0.77% Cu and 0.23 g/t Pd. This was contained within a much
broader mineralized zone of 24.7 meters that averaged 1.03% Ni, 0.31% Cu,
and 0.11 g/t Pd between 270.8 and 295.5 meters down-hole.
Hole NOT-08-1G42 encountered 2.19% Ni, 0.78% Cu over 1.8 meters starting
at 425 meters down-hole.




Three drills continue with an aggressive drilling program on Noront's 100% owned Double Eagle Project, with one drill testing the chrome potential of Blackbird Two chrome occurrence, which is located approximately 1 kilometre east of Blackbird One (chrome component of the AT2 anomaly and stratigraphically related to Eagle Two). A second drill continues to test anomaly AT12 located 9.5 kilometers to the northeast of the Eagle One Deposit (see press release dated October 6, 2008), while the third drill has been moved to continue to test the depth and strike extension potential south of the Eagle One Magmatic Massive Sulphide Deposit.

Information on the Blackbird One chrome occurrence, as well as other news related to the chrome potential of the area as encountered at Blackbird Two will be the subject of a separate chrome update release. This update will include some holes mentioned herein, where significant chrome mineralization was encountered - notably holes NOT-08-1G40 and 1G43.

EAGLE TWO Ni-Cu DEPOSIT

Complete assays from several holes at the Eagle Two Shear Hosted Sulphide (\"SHS\") deposit, that have been received since the last press release (September 15, 2008) are described below. The assay results reported herein continue to extend the moderate grade Ni-Cu-PGM mineralization to depth. The Eagle Two occurrence occupies a position conformable with and near the stratigraphic bottom of a wide Peridotite Sill which in turn unconformably overlies older Granodiorite basement rock. Diamond drilling has traced the Eagle Two deposit over a strike length of 300 meters and down plunge for about 500 meters. The observed width (not true width) of mineralization is variable along the plunge axis. Assays are pending for six remaining holes drilled to test Eagle Two. The interpretation of the new holes at Eagle Two confirms that the SHS zone continues to dip flatly at 50 to 60 degrees to the west and strikes north-south within the Peridotite sill or the \"ROF\".




Table 1 New Assays for Eagle Two


--------------------------------------------------------------------------------------------------------------------------------------------------------Hole ID from to int Cu Ni Pt Pd Au (m) (m) (m) % % g/t g/t g/t----------------------------------------------------------------------------NOT-08-1G38 206.4 235.5 29.1 0.11 0.47 0.05 0.16 0.02----------------------------------------------------------------------------including 209.3 211.9 2.6 0.19 0.98 0.07 0.33 0.04--------------------------------------------------------------------------------------------------------------------------------------------------------NOT-08-1G39 410.4 420.0 9.6 0.45 0.64 0.01 0.09 0.09--------------------------------------------------------------------------------------------------------------------------------------------------------NOT-08-1G40 270.8 295.5 24.7 0.31 1.03 0.03 0.11 0.14----------------------------------------------------------------------------including 270.8 274.0 3.2 0.40 1.68 0.04 0.15 0.20---------------------------------------------------------------------------- 278.3 283.7 5.4 0.77 2.17 0.05 0.23 0.45--------------------------------------------------------------------------------------------------------------------------------------------------------NOT-08-1G42 340.6 352.4 11.8 0.44 0.81 0.02 0.10 0.17----------------------------------------------------------------------------including 345.9 351.7 5.8 0.49 1.00 0.02 0.12 0.19---------------------------------------------------------------------------- 425.0 426.8 1.8 0.78 2.19 0.02 0.09 0.06--------------------------------------------------------------------------------------------------------------------------------------------------------NOT-08-1G43 292.9 302.5 9.6 0.05 0.25 0.02 0.08 0.61----------------------------------------------------------------------------including 300.7 302.5 1.8 0.06 0.40 0.02 0.08 0.40--------------------------------------------------------------------------------------------------------------------------------------------------------NOT-1G47 287.7 291.2 3.5 0.07 0.25 0.03 0.14 0.38--------------------------------------------------------------------------------------------------------------------------------------------------------NOT-1G51 408.3 416.8 8.5 0.16 0.20 0.03 0.13 0.27--------------------------------------------------------------------------------------------------------------------------------------------------------</PRE>



Drilling has concluded at present at Anomaly AT2. There are still a number of assays pending from six holes drilled to test Eagle Two's Ni-Cu-Pt-Pd potential that will be released when available.

OTHER ANOMALY DRILLING UPDATE

Anomaly testing on airborne anomalies designated AT5 and AT6 was completed during the months of June and July, 2008. Drill hole locations were reported in a press release dated July 17, 2008.

Anomaly AT5

This anomaly is located approximately 1.1 kilometers east of the Eagle One Deposit and has been described as a 500 meter long, 100 meter wide, moderate to strong magnetic anomaly with weak electromagnetic response. Three holes tested this anomaly, holes NOT-08-1G41 (abandoned), 1G44 and 1G46. The latter two drill holes were sampled whenever trace sulphides were identified in the core logging. The selected samples returned only geochemically anomalous values of Nickel (maximum 0.23% Nickel over a short interval). No further work is currently planned on this anomaly at this time.

Anomaly AT6

This anomaly is located approximately 2.0 kilometers northeast of the Eagle One Deposit. It is described as a string of electromagnetic anomalies over a distance of 450 meters along the southern flank of a strong magnetic anomaly. Three holes tested this anomaly, encountering iron formation, thus explaining the geophysical anomalies. Assay results have been recently received for hole NOT-1G50, 1G53 and 1G54. No significant assays were received. No further work is planned on this anomaly at this time.

INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL

A thorough quality control program is in effect for the Double Eagle Project which, has included grouping samples into batches of 35 into each of which were added 2 certified reference material standards, 2 field blanks comprised of sterile drill core, and a field duplicate. Coarse reject and pulp duplicates also form part of each batch. It can be said with confidence that all assays as reported in this Press Release have passed the strict quality control guidelines as set out by Independent Qualified Person (\"IQP\") Ms. Tracy Armstrong P.Geo. of P&E Mining Consultants Inc.

All samples reported upon herein were completed by Activation Labs (Actlabs) of Ancaster, Ontario. The samples submitted to Actlabs were analyzed using four acid digestion followed by ICP multi-element analysis.. The Cu and Ni samples that received values greater than the maximum limit using the multi-element analysis underwent further analysis using ICP-OES. For precious metals the assay methodology was Fire Assay/ICP. For more information on assay methodology please visit the Activation Laboratories Ltd. Website at http://www.actlabs.int.com

Drilling results in this press release have been reviewed in the field and approved for dissemination by Noront's senior management including John Harvey, P.Eng. Chief Operating Officer of Noront and Dr. Jim Mungall P.Geo., Noront's Chief Geologist, both being Qualified Persons under Canadian Securities guidelines. Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 129,894,783 shares issued to date.

Investors are invited to visit Noront's IR Hub at http://www.agoracom.com/IR/Noront where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to NOT@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updated in real time.

ON BEHALF OF THE BOARD OF DIRECTORS:

R. Nemis, President and Chief Executive Officer

 

[lor]

Talked with Warren Irwin this morning

Posted by: DonnyParks on October 11, 2008 12:00AM

Hi
Gave Warren Irwin a call this morning. Had a 10-15 minute conversation.
I have to admit, he was very nice and pleasant to talk to. I guess at times like this he needs to be, but non the less it was a good talk
Asked him why he is doing this. He told me as per circular they sent out and got into more detail. Said we should not be wasting the money they have been on Dicks pet (Windfall)
Spending way too much money on it in times like these where we need to conserve money. Not happy with the money being wasted at ROF. Said there are no real budgets. NOT is paying more for the same services than other ROF companies. Burn rate is very high
I asked how he knew this. He told me that some (could be 1) of the current directors are not happy and advised him of this lack of budget problem.
I mentioned that the PP for windfall for about 15m was to be spent on WF and not ROF. He went on and said it would be much better in the bank at times like these so we do not come up against a wall. Need to develop the main property (ROF) and get rid of all the others.
I asked if he has support of others like Sprott, McEwen, Genuity, etc. He said yes and he was waiting for a call back from one investor in France.
I said I didn’t think you would spend the money and time on this with only 9% of shares unless you had the other support and thought you could do this. He agreed and said he is spending 500,000 on this.
I said that I hear a lot of if you take over you will dilute the company and do PP for yourselves and options etc.
He said he does not want to own more than the 9% as he does not want to report. He said that if a PP etc was done, he would go into that for 9% of the PP but that was it so as not to go over 10% and report.
These were the main things we talked about

On another note

I suggest people do some DD on this as a lot have been commenting on how Rosseau have driven the price down by shorting etc. I have not seen this. Last thing I want to do is stand up for them but facts are facts.

The have shorted
G10 Global Asset Management Ltd.…………... April 2, 2008 Short Sell 20,000 $5.42
G10 Global Asset Management Ltd.…………... April 4, 2008 Short Sell 25,000 $5.31
G10 Global Asset Management Ltd.…………... June 9, 2008 Delivery (6) 45,000 -

If you look under their Circular, all the buy, sells and shorts are there. Not a lot of selling and buying.

Last sells
Rosseau Limited Partnership………&... July 9, 2008 Sell 183,600 $2.45
Rosseau Limited Partnership………&... September 18, 2008 Sell 42,300 $1.66
Last buys
G10 – Rosseau Special Situations Master Fund……….. July 11, 2008 Buy 150,000 $2.36
G10 – Rosseau Special Situations Master Fund……….. September 18, 2008 Buy 42,300 $1.60

I have talked with some other companies today and have received mixed emotions on this. Good points and bad points.
I did hear that WF has met its JV commitments and that it could be sold off.
Main message I was hearing today is that the feeling is that Rosseau and BOD are good but not any better than our current BOD’s.
Richard Nemis and company got us to wear we are.
Nobody is perfect and sometimes things happen that some people do not like. Everyone has their own differing opinions.
A lot has happened in a short period of time and I believe they are doing the best they can.
Hopefully something can be worked out between them before the vote, I feel it would be in every ones best interest.
If not, I hope Dick and current BOD win this and we move on from here.
I am a big supporter of Dick and felt that I needed to find things out for myself.
As a wise man once said, keep your friends close and your enemies closer.

I have already voted for Dick and BOD and I will be at AGM.

Take Care
Don

 

[lor]

<TABLE width="100%"><TBODY><TR><TD>Tuesday morning thoughts</TD><TD align=right>

</TD></TR></TBODY></TABLE>
Good morning. On the overseas markets, the major indices in Asia had a stellar trading session over night. The Hang Seng was up 3.19% and the Nikkei in Japan, which was closed on Monday, played catch up and was up 14.15%. After the Bank of Japan unveiled steps to stabilize its financial markets, investors rewarded it, with the Nikkei's largest one day gain in it's 58 year history. In China investors had their second day of stellar gains, as it appears the tide has turned and a complete meltdown and a depression has been avoided. Investors can now re-focus on market fundamentals rather than panic selling. In a survey of affluent Asian investors ex-Japan called Investor Dashboard, Twenty-eight percent said they would invest in global resources in the fourth quarter, down from 40 percent in the prior quarter. Thirty-five percent said they would hold on to cash. The rally in global equities has been powerful, but prospects for the rest of the quarter were unclear. Asian investors have become much more risk averse especially when it comes to commodities. In Europe the major indices are still in rally mode in early trading, most up around the 5% range, led by gains in the banks and energy stocks. Investors are still in rally mode, with growing confidence that the measures designed to end the financial crisis by governments and central banks around the world, will restore stability to the equity markets. The biggest part of the rally is most likely now behind us, as reality sets in, with corporate earnings season about to begin. On the economic calendar for today there is nothing scheduled, however the US Treasury will unveil it's step by step plan this morning, to shore up it's banks, to restore confidence in the global financial system. The early futures numbers are pointing to a positive open for the US indices. The Canadian indices are expected to play catch up today, after being closed for the Thanksgiving holiday.

Back in McFaulds Lake, NOT is expected be in play today, with the full blown proxy battle between current management and Rosseau Asset Management, the topic of the day. On NOT's chart we have support at $.92 with resistance at the $1.30 level. The 13(MA) is at $1.36 and this is the resistance level that must be overcome, if this long downtrend is to be defeated. The chart indicators are showing NOT to be in oversold territory so if the expected news today, can get the stock to rally over it's 13(MA,) a test of the resistance of the 50(MA) at $2.19 is possible, over the next couple of trading sessions.

The proxy battle between Rosseau Asset Management and Dick Nemis and his current Board of Directors, is expected to heat up this week. We should be getting news from both sides explaining their positions. The best possible scenario would be for both sides to sit down and come up with some sort of an agreement before the AGM on Oct 28th. However it appears that this has already been tried and the talks failed and now we are in the midst of a costly and for the most part needless proxy battle. Rosseau claims to have the support of 30% of the NOT o/s shares behind it, which if true, means Nemis and crew are in for the fight of their corporate lives. Somehow Nemis will need to get in the neighbourhood of 85% of the shareholders of NOT to vote, to defeat this challenge. In normal AGM voting situations, rarely do corporations see over 30% of their shareholders actually take the time to cast their votes. It is obvious this time will be different, as retail shareholders are banding together, arm twisting other retail investors into exercising their rights and voting on this very important proxy battle. To all the readers of this board, please take the time to vote. Somehow seeing Dick Nemis lose control of the company he has taken so far, to a hedge fund manager, would be hard on my stomach as it would be many other retail investors. Never has your vote been more important than the one facing investors in this proxy battle. I believe Rosseau Asset Management does not have the best interests of the retail investor in mind on this proxy battle, Dick Nemis does. Personally I voted on the side of Nemis and I hope you do also. PLEASE TAKE THE TIME TO VOTE !!!

Expect to see some good news from NOT over the next 10 days, is the word from Nemis. Many of us have long suspected NOT was sitting on news and we couldn't figure out why he would choose to do so. Now that this proxy battle has come to our attention, I guess we now know why. The entire Windfall situation and why we haven't been informed on the progress of this very important piece of NOT, has left many of us shaking our heads. At a time when gold has been in the forefront of news because of the worldwide economic situation, getting good news from this project, should do a world of good for NOT's share price. Currently it appears the Windfall gold project is being given very little valuation to the market cap of NOT. Perhaps over the next few days, we will find out why. In Rosseau's proxy battle statement, they have stated that Windfall is a dud and has been a needless expenditure and a drain on NOT's cash position. If Nemis can prove that the Windfall project has merit, it will obviously show that Rosseau's proxy statements are nothing more than fear mongering to NOT's shareholders. If indeed Windfall is shown to be a dud, I fear for Nemis's reputation going into this proxy showdown. Windfall is either a company maker for Nemis, or it is going to prove to be his downfall. Strangely Nemis avoided making mention of Windfall in last weeks Proxy battle statement. Personally if Windfall turns out to be a dud, my proxy vote still has time to be changed. I know of a few other shareholders in NOT that feel the very same way. JMHO

Stay tuned it should be a very exciting time for NOT's share price over the next 2 weeks, leading up to the AGM meeting on October 28th. Expect the unexpected !!!

FWR's share price has been very frustrating for investors in this stock. In FWR's current drilling program, we have had reports of a massive chrome discovery, that Mac Watson says should be somewhere in the 100 to 150 tonne range. This discovery has the potential to be worth billions of dollars, yet the market has just yawned. Very strange and it once again proves the market cares very little for anything to do with chrome. The last half of FWR's drilling program is now focused on drilling for nickel and we should be hearing something from the visual front of the progress of this drilling, possibly this week. If FWR hits anything of significance on the nickel front, expect the share price to explode. Currently trading at $.18, this could be one of the best risk/reward situations in all of McFaulds Lake. Watch the volume and share price direction on FWR this week, for very important clues.

FNC has came through the market meltdown of the last couple of weeks, probably the best of all the McFaulds Lake stocks. The rumour mill is still saying FNC hit something of significance in it's drill program at C-1, perhaps this is the reason why the share price has held up so well. We could also be getting assay results back from the first 4 holes drilled at any time. Supposedly the core samples sent to the lab were marked rush, as there is a possibility we could be seeing decent percentages of platinum and palladium in these samples. Stay tuned the story of FNC is a long ways from being over. A sudden volume spurt, would be the first clue, if the rumour mill is indeed correct on this stock. With such a low o/s share count, this stock certainly has the potential for a share price explosion, to the upside, on good news. We also should be receiving news from the previously announced PP, any day now.

TME is now a stock worth watching over the next few weeks. Bruce Durham's name has been announced by Rosseau Asset Management as a possible director, if they win their proxy battle battle against Nemis. Many investors of NOT are furious that Durham's name would show up in this proxy battle, but it does give us a clue, this stock is obviously an important player in the McFaulds Lake story, going forward. TME does have a huge land position in McFaulds, so it could be in play if a major wants to lock up the property rights on a takeover of NOT. If nothing else this proxy battle does get TME's name in the press and some investors could be looking to buy up some shares on spec, for what is coming down the road. When looking over TME's major shareholders, it sure does look a lot like the same holders of NOT. For those wanting to know which stocks are considered to be of importance down the road to a major looking to take control of McFaulds Lake, it is time to do your homework and check out the major shareholders of some of these stocks.

It appears things are heating up in McFaulds Lake. All of a sudden this proxy battle between Nemis and Rosseau for control of NOT is starting to offer some clues, of who is making a play for ownership of McFaulds Lake. Somewhere down the road, McFaulds Lake will be one of Canada's largest mining camps. I'm not sure if anyone else is noticing what I am seeing, but the major who appears to be showing the most interest is none other than Teck Cominco. This will most likely take years for the final end game to play out, but slowly we are seeing a pattern emerge. All signs are currently pointing to Tech Cominco as the major, starting to throw it's weight around in McFaulds Lake. There will be many twists and turns before this ever plays out. A few years down the road a book will be written about the McFaulds Lake story and as a small time Canadian investor, it excites me to watch this story unfold.

Best of luck to all McFaulds Lake investors.




Al

 

[lor]

<TABLE width="100%"><TBODY><TR><TD>Wednesday morning thoughts from TC</TD><TD align=right>

</TD></TR></TBODY></TABLE>
Good morning. Overnight in Asia the major indices were mixed, the Hang Seng was down 4.96% and the Nikkei was up 1.06%. Finally we are starting to see some normalcy return to the markets as the sense of panic over the financial crisis is abating. Now we are seeing worries about the global economy and company earnings creep into investors mindsets, which are the regular types of worries for the markets. Hopefully the panic days are behind us and the markets return to fundamental investing. This week the biggest and most direct effort yet by policymakers around the world to thaw short-term lending markets has had some success, particularly in slowing plunging global equity markets. Money market pressures are easing slowly, tightening credit spreads, and the risk of a system-wide failure has passed for now. Earnings estimates have come way down for 2008, with some markets even set for overall losses in Asia. However, expectations for 2009 are still for growth well into the double digits in places like Hong Kong, Singapore and Taiwan. Southeast Asian nations backed by Japan, South Korea, China and the World Bank, were the latest to join the global rescue effort, agreeing to create a multi-billion fund to buy bad debt and help banks.

In Europe, the major indices are trading down, with recession fears resurfacing after impressive gains in the last two sessions on coordinated measures by governments to revive the banking sector. But concerns remained that the rescue would come at a huge economic cost and do little to repair the damage already done by a 14-month credit crunch, which has slowed the economy, potentially hurting demand for commodities. After the colossal gains achieved at the start of this week, it would seem that the hangover has kicked in and investors have sobered to the reality that a recession is here. Hopefully the panic days of investing are behind us and we have returned to the climbing of the wall of worries style of investing. It is much easier on investors stomachs.

Back on our side of the Atlantic, the US futures are pointing to down open for the US indices. A day after Washington unveiled plans to spend up to $250 billion on equity stakes in U.S. banks, investors have turned their attention back to the reality that the US economy is in a recession. It is a busy day on the economic economic calendar with the Core PPI, NY Empire State Index, PPI, Retail Sales and Retail Sales ex-auto numbers at 8:30am. At 10:00am the Business Inventories numbers are released, followed by the Crude Inventories numbers at 10:35am. At 2:00pm the Fed's Beige Book is released. The global economic slowdown is expected to cause further downward pressure on the price of commodities, which in turn, does not bode well for the Canadian indices. The continued slide in the price of oil, should have the numerous oil and gas stocks listed on the Canadian exchanges, under selling pressure.

Back in McFaulds Lake, NOT had a good day yesterday, as it followed the rise in the indices, closing up 12.72%, on above average volume. NOT tested it's 13(MA) yesterday, but failed to hold onto early day gains and once again closed below this important (MA). NOT has been struggling to close above it's 13(MA) since early August, as the downtrend continues. On the chart for today we have support at $1 and resistance at $1.46. The chart indicators are positive, but the close far below the high of the day from yesterday, suggests we may see further share price weakness for today. Of course any news from NOT today, could change this in a second.

The proxy battle continues to be the talk amongst investors on the internet bullboards. The NOT cultists on Agoracom, are running a campaign to ensure retail investors take the time to vote and support Nemis and his current management team, against Rosseau Asset Management, in their proxy battle for control of NOT. The odds of defeating Rosseau's proxy bid aren't good, if Rosseau's claim they have 30% of the vote locked up are true. However, without the campaign the chances of defeating the motion would be remote. It will be a testament to the strength of the internet, if the Nemis side does indeed overcome the long odds and Nemis does retain control. I honestly don't think there is another stock on the planet, that has more of a loyal, cult like following than NOT enjoys. Personally I am totally against having a site that only allows a one sided view of any stock, for obvious reasons. However, this is one fight by the A/G permabulls that I do support and I certainly hope that the little guys win this important proxy battle. A hedge fund like Rosseau, most certainly is not engaging in this proxy battle, with the best interests of the retail investor in mind. This battle, is all about corporate greed, that most likely has the backing of a major. Once the battle for control of NOT has been secured by a major, picking off the lesser players in the ROF would be the obvious next step. When we look at who has a stake in most of the lesser players, we see a reoccurring name, Teck Cominco. I will not be surprised, if down the road, we find out that Teck Cominco, is the one behind the proxy battle of Rosseau versus Nemis. Somehow, it all just fits. JMHO

I have already voted my shares in this proxy battle and support Nemis. Not because I am a huge fan of Nemis, but because I believe he has the best interests of the retail investor at heart. Hopefully other retail investors see it the same way and against improbable odds, David defeats Goliath in this all important proxy battle. PLEASE TAKE THE TIME TO VOTE !!!

Dick Nemis may have his plate full with the proxy battle he is having at the present time. However he has told investors to expect some good news over this week and next. This news could come from one of several possibilities. We are expecting news from Windfall any day now and hopefully it is much better than Rosseau is claiming it to be. Also NOT has been drilling at A-1 on the border with FNC's C-1 drilling program, I have heard rumours that something of significance was hit at this location, so it is definitely one possibility. We have also heard NOT is back drilling the Eagle One anomoly, we have been previously told that Eagle One was open to the south and at depth. Getting some rich assays back with the kinds of assay values that this deposit has given us in the past, would definitely cause some excitement with investors. Also we could be getting some assays back from the AT-12 anomoly. Not sure if anyone has been noticing but the assays have been getting better and better as they come in. Hopefully NOT has zeroed in on some sweet spots from this discovery and this anomoly turns out to have as much potential as was originally thought to be. Also we had heard that NOT was in talks with a major concerning the chrome discovery at Blackbird One and Two. This was before this proxy battle was announced, so perhaps we still have some possibilities from this front. We could also be getting an update on how the proxy battle is going, this would definitely give the morale of the current investors a huge boost, if we heard it is possible Nemis is winning on this front. As we can see there are numerous possibilities of news from NOT that we could be getting at any time. Hopefully we start getting some of it and the share price of NOT recovers from the ridiculous valuations it is currently trading at. The current market cap on NOT, is in all honestly, low balling the valuation NOT should be getting, just from it's 43-101 on the Eagle One deposit. At current share price levels the market is giving zero valuation for NOT's cash position and any of the numerous other assets. Obviously the share price currently has more to do with this proxy battle than realistic share price valuations. This will change, at some point the market will come to it's senses and the buying pressure will be too great, to be influenced by the games, being played with the share price presently. At the current share price of $1.24, no wonder current shareholders are furious with Rosseau's proxy battle and what it is doing to the share price. I don't give a damn how anyone looks at NOT currently, this stock, is severely undervalued. JMHO

FNC had a rough day yesterday, it's share price was down over 22% on no known news. I have heard no rumours, so not sure what happened yesterday, in regards to the share price. In fact the last rumours I have heard on FNC, have been positive. Perhaps we are just seeing investor fatigue, as no news, is perceived to be bad news. Peter Smith needs to give his investors an update on his current drilling program, because attention spans are very short, in the current market environment. However, we may have to wait until the closing of the last stage of the non-flow through shares of the PP, before we see any drilling news.

FWR had a much better day yesterday as the share price was up over 11%. However the share price still has a long ways to go, to regain the level it traded at, before the market meltdown of the past couple of weeks. The latest statement from Mac Watson, is to expect a news release sometime this week, for an update on the current drill program. Perhaps this will give the share price the boost it needs, to get it back trading, at pre-market meltdown days. Watson is still maintaining that FWR has a hundred million tonnes plus, with excellent grades, from this chrome discovery. If the market ever starts giving these ROF companies some valuation for chrome, the share price sure looks cheap at current price levels. Honestly FWR needs a hit from the nickel part of their drilling program, until the market gets a grip on what chrome is really worth. This still looks like one of the better risk/reward plays in McFaulds Lake to me. JMHO

There are numerous other stocks in the ROF that currently have drill programs. At any time, we could be hearing something of significance, from anyone of them. The proxy battle going on with NOT, is hogging all the headlines presently, but this should only be a reminder that all is alive and well in McFaulds Lake. This proxy battle would not be occurring if someone didn't think McFaulds Lake had a lot of potential. For me there is a bottom line, in all that is happening currently, with these plays. At some point McFaulds Lake is going to be a major mining camp in Canada. We are talking world class here, when we hear of some these discoveries, that are being announced lately. JMHO

Best of luck to all McFaulds Lake investors.




Al

 

[lor]

<TABLE width="100%"><TBODY><TR><TD> NOT...update out on SEDAR</TD><TD align=right>

</TD></TR></TBODY></TABLE>
This was posted on Agora NOT board.

I'm starting to fume..as are the ARU shareholders...Please Read
Posted by: mustangman on October 15, 2008 08:07AM

Well I think the ARU fiasco has to scare people enough into not wanting the Rosseau Fund to be running the administrative branch of Noront now or in the future. My worry isn’t only Rosseau but the possible control that would likely be linked to Pinetree Capital and its CEO. Lets face it Pinetree is having major SP declines since the 2006 insider trading investigation of its CEO. The stock was sitting below 1.00 as of last week (not sure what it is today). I’m afraid there are too many personal egos at work here trying to get a quick piece of Noront’s shareholders action. It’s their profession to get the best return for their clients. If I was a client of these investment firms I would be thinking twice of why I invest with them.

For example. Look at Aurelian Resources and the fiasco there. The poor longstanding retail shareholders, who saw this play move from pennies to near 10.00 were no doubt jubilant in their 10 and 20 bagger returns (providing they sold at 10.00). Now we had the same here with Noront (NOT.V). Its the poor investors that got in at the 5.00 to 10.00 range that have nothing to win and everything to lose by the deal struck with ARU. The same likely would hold true with NOT.

Note the tonnage numbers (gold) from the ARU 2007 re-statement:

“Aurelian Resources Inc. is a publicly-listed (TSX:ARU) company engaged in exploring, discovering and developing mineral wealth in Ecuador. The Fruta del Norte (FDN) discovery lies at the heart of the Condor Project, located in south-eastern Ecuador. The initial Inferred Resource for FDN was released in October 2007 and included 58.9 million tonnes grading 7.23 g/t gold and 11.8 g/t silver for 13.7 million ounces of contained gold and 22.4 million ounces of contained silver (Report titled “A Mineral Resource Estimate for the Fruta del Norte Deposit, Cordillera del Condor Project, Zamora-Chinchipe Province, Ecuador” and dated November 15, 2007 filed on http://www.sedar.com). Visit http://www.aurelian.ca for more information. ”

This baby was going to go….as is Noront. And what then happens. Kinross just walks in and takes the ball from the private shareholders (of course I am guessing the other funds no doubt have a lot of Kinross shares, even without looking at thier sheets), paying off the puppet management team and then taking the reins.

What makes these two horror stories so simiilar. DRASTIC STOCK PRICE REDUCTION

ARU dropped suddenly in April 2008 due to the closing of the Ecuador Mines by the Ecuadorian governement. Their biggest asset was now unattainable and their stock price plummetted overnight by over 50%. The price only regained a small amount before the installation of new management and the ensuing Kinross takeover. I guess the question was..and I can’t answer it….did the ARU Ecauadorian Mine have any light at the end of the tunnel to re-open. If not then their biggest money making mine was likely to be put on hold for an extended period of time. I am not fully updated as to what happened here and would love an ARU investor to put me right where I have errored in my history.

The bottom line for Noront: The same thing….great intial results…investor euphoria and herding in September 2007. Then…..less spectaculor news and the price droops significantly…then the soft bashing…then the Feb 08 ecomomic burp which put it down into the 2.75 range. Then comes the “EAGLE 2 has landed” the price zooms back up to the 7.50 range and then….is pushed back down to where we are now….. All the Chromite in the world hasn’t pushed the price back up…..and now the market has dropped us lower than the last major low in Feb 08. We are in a position for the Hedgies to play management roulette with us. WE MUST VOTE AND PREVENT THIS FROM HAPPENING. Those who bought Noront shares over 3 and 4 dollars may have the most to lose if this hostile management takeover bid succeeds.

In addition to what I’ve noted and what has been said too many times to mention on the ARU and NOT boards regarding Rosseau and Mr Anderson…..I would personally like to have their people provide me and the other investors in Noront a history of their management takeovers indicating where the management changeover took place (what price and what phase of development) and where they got off the boat (sold, got voted out etc). I would like to see where they have held LONG……in their control of the newly managed company. I would like to see where they got off the boat and how in each case. Until I see that they have worked with the “entire” investment community within that company…I will NEVER deal with them and will fight them in every way I can to keep them out of Noront. Trust me….all other Noront shareholders (including those voting for Rosseau who may think a change is good) must put this zigsaw puzzle into complete perspective prior to considering in any way some possible advantage to the removal of our management team who have been proven to be dedicated hard working individuals…and having them replaced by those who aren’t IMHO dedicated to the company and its shareholders in any way, shape or form.

BE VERY CAREFUL WHO YOU VOTE FOR…IT MAY BE YOUR LAST VOTE……….. http://www.proxyvote.com

Mustangman

 

[lor]

important part from nr.

Posted by: roos 2000 on October 15, 2008 10:14AM


Your CEO and Noront's founder, Richard Nemis, has also volunteered to relinquish his role as CEO as soon as an appropriate, qualified new leader could be found. His goal was to facilitate a seamless transition. The filing of the dissident's proxy circular has forced an accelerated recruitment process, which is not necessarily in the best interests of shareholders.

Further, your management has historically attempted to draw on the expertise and contacts of the Company's significant shareholders to strengthen its team. A number of months ago, Noront's CEO wrote to several of these larger shareholders, including Rosseau, requesting suggestions for further additions to the board or management of Noront. No suggestions were made by any of these shareholders, including Rosseau.


October 14, 2008

Dear fellow Noront shareholder:

On October 8, 2008 Rosseau Asset Management Ltd. ("Rosseau"), a hedge fund which holds 9.2% of the outstanding common shares of Noront Resources Ltd. ("Noront" or the "Company"), issued a dissident proxy circular seeking support for a resolution to remove Noront's existing board of directors and replace it with Rosseau's own slate of directors. You will decide this question at Noront's annual and special meeting of shareholders, scheduled for October 28th in Toronto. Your answer will be crucial to the future of your Company and your investment.

If Rosseau's interests are truly aligned with the best interests of all shareholders, it would not insist on complete control of the board through a slate of 100% Rosseau nominees, only one of whom owns any shares of Noront. Rosseau is attempting to take over your Company without compensation to the current shareholders.

YOUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU:

- VOTE FOR NORONT MANAGEMENT'S NOMINEES TO THE BOARD OF DIRECTORS
USING THE ENCLOSED WHITE PROXY

- REJECT ROSSEAU'S NOMINEES. DO NOT USE THE YELLOW DISSIDENT PROXY

Your board of directors, a special committee of independent directors, and management have all considered the dissident's proposal and have concluded that it is not in the best interests of Noront shareholders. The current difficult economic times will place even greater demands on Noront's experienced and knowledgeable board and management. The dissident's nominees have not shown they are up to the task. The current board and management of Noront have a proven track record with your Company, delivering tangible results on which you can rely, as evidenced by:

- four significant discoveries made in the past 12 months: the Eagle One and Eagle Two copper-nickel-PGM deposits; and two significant chrome deposits, Blackbird One and Blackbird Two;

- control of the largest land position in the "Ring of Fire" area, including a large number of identified and drill-ready copper-nickel-PGM and chromite targets;

- $29.3 million in cash in the treasury as at October 10, 2008;

- additional accounts receivable of $3.3 million from the Quebec government's rebate program in respect of the Windfall Lake project;

- in-the-money warrants totaling $3.3 million due in December, 2008;

We believe that Rosseau's action is unwarranted and unnecessary:

- Rosseau is taking advantage of extraordinary market conditions to attempt to acquire control of Noront without offering any compensation to shareholders;

- Rosseau, a hedge fund with a small minority position, is seeking to take 100% control of Noront's board of directors and effectively Noront itself, without making any offer to the other shareholders;

- Rosseau's hand-picked nominees for the replacement board have prior relationships with Rosseau - but no financial interest in Noront;

- Rosseau's nominees (other than Rosseau's principal) have little or no knowledge of Noront and a dubious record at other companies;

- Rosseau summarily rejected a compromise proposal from Noront that should have met its needs and avoided the unnecessary costs and disruptive effect of this proxy contest;

- Noront's existing strategy is on track to deliver value for all shareholders and not just select shareholders;

- Noront continues to strengthen the capability and independence of its board and management;

How to vote - Use Only the WHITE Proxy

Rosseau announced its intention to force a contested vote on the composition of the Noront board after the Company had already mailed its management information circular and form of proxy for the October 28th annual and special shareholder meeting. To ensure that you have the fullest opportunity to consider your vote, we are now providing you with a duplicate WHITE proxy, which you may use to vote in advance of the meeting, and this letter which provides important information for shareholders in response to Rosseau's dissident proxy circular. If you have voted using the dissident proxy, you have every right to change your vote, by simply voting the WHITE proxy. It is the later dated proxy that will be counted. Noront's management information circular is also available on www.sedar.com and additional copies of the circular can also be obtained by calling Noront's proxy solicitation agent, Georgeson, toll free at 1-866-682-6157.

Reasons to Vote the WHITE Proxy for Your Incumbent Board of Directors

Rosseau Wants Control of Noront - But Does Not Want to Pay for It

Like most public companies in the junior mining market, Noront's shares have fallen dramatically under current conditions. Rosseau is opportunistically seizing this moment to attempt to take control of the Company. It intends to fill the board with its own nominees and turn a 9.2% interest in Noront into effective control. It proposes to gain control without making an offer to all shareholders or payment of a control premium. Under the Rosseau "plan", the dissident gets the board and the shareholders get nothing.

Rosseau Rejected a Fair Solution for All Shareholders

The dissident's motives were made clear by its almost immediate rejection of Noront's compromise proposal made to Rosseau on October 6th, which addressed Rosseau's stated concerns.

This compromise proposed a board of directors of Noront composed of two nominees from Rosseau and two nominees from Noront, with the remaining three nominees being independent and mutually agreed between Noront and Rosseau. This would have achieved a balance between the need for continued evolution in the governance of Noront, as the Company has itself acknowledged and pursued for some time, and preserving the continuity of institutional knowledge and expertise, which is responsible for the many successes that Noront has enjoyed over the past year. Rosseau summarily rejected this fair solution.

The Dissident's Nominees Do Not Represent the Best Interests of ALL NORONT SHAREHOLDERS

As evidenced by the proposed compromise it made to Rosseau, your board of directors remains open to modifying its composition to reflect Noront's changing needs. Rosseau does not share this commitment. Rosseau's proposed slate includes Rosseau's principal and his legal advisor in addition to four individuals who are currently, or were, management or directors of companies in which Rosseau has or had investments. The proposed slate does not represent all shareholders' interests and is seen to be self serving of the hedge fund's motives. We do not believe that the proposed slate will enhance shareholder value and based on past record may in fact destroy it.

The Dissident Nominees' Track Record is Questionable

There is little evidence that Rosseau's proposed slate of directors would add value to Noront. None of them (other than Rosseau's principal) has any prior interest or ownership in Noront, raising concerns about their lack of knowledge of the Company and its operations. Consider the results for companies in which Rosseau's nominees are directors:



Share price decline, year-to-date (October 9, 2008) --------------------------------------------------- ----------------------------------------------------------------------- Performance of the Dissident's nominees ----------------------------------------------------------------------- African Copper PLC (Joseph Hamilton)(1)(2) -93% ----------------------------------------------------------------------- Temex Resources Corp. (Bruce Durham)(2) -79% ----------------------------------------------------------------------- Independent Nickel Corp. (Thomas Obradovich)(2) -76% ----------------------------------------------------------------------- Aurelian Resources Inc. (Joseph Hamilton, Patrick Anderson & Keith McKay)(3) -32% ----------------------------------------------------------------------- ----------------------------------------------------------------------- ----------------------------------------------------------------------- Noront Resources Ltd -71% ----------------------------------------------------------------------- TSX Venture Exchange -63% ----------------------------------------------------------------------- (1) Joseph Hamilton was Chief Executive Officer and a director of African Copper PLC until June, 2008. (2) Temex Resources Corp., Independent Nickel Corp., and African Copper are companies chaired by members of the proposed slate. Each of these companies has underperformed Noront since the beginning of 2008. (3) Aurelian Resources Inc. was acquired by Kinross Gold in September of 2008, at a significant discount to Aurelian's trading highs, even in the context of a rising gold market and a takeover premium.</PRE><TABLE><TBODY><TR><TD></TD></TR></TBODY></TABLE>
(Note: Share price performance charts are included in the letter. To see these, visit http://media3.marketwire.com/docs/Co... .)

Hedge funds typically have no operational experience; they trade stocks both long and short and seek to maximize cash flow to their unit holders. This poses a potential major risk to shareholders.

Noront's Strategic Plan Is On Track; the Dissident Has No New Plan

As stated in its management information circular, Noront's board and management understand the need for Noront to grow and evolve. We also acknowledge the importance of that growth being sustainable, measured and disciplined. It is too easy in these difficult markets to presume that wholesale change is an answer. Rosseau's "plan" for Noront as articulated in its dissident proxy circular consists entirely of objectives and initiatives that current Noront management already has underway.

Unlike Noront, Rosseau provides no concrete action plan to underpin its proposed initiatives.

Maximization of Shareholder Value

In November, 2007, Noront retained financial advisors J.P. Morgan Securities and IBK Capital Corp. to assist Noront in examining and advancing its strategic priorities, including the realization of value for non-strategic assets, development options for its key assets, and continued dominance in the "Ring of Fire".

The Right Senior Management Team

Your board of directors has always recognized the need for management of your Company to evolve as Noront transitioned from a junior exploration company. Since the discovery of Eagle One, one short year ago, we have made significant additions to the Noront management team both on the geological and the corporate side. This strengthening also recognizes the need for succession planning and demonstrates your board's commitment to building for the Company's future:

- Dr. Jim Mungall, a leading authority on chromium and copper-nickel-PGM deposits, leads the design and implementation of Noront's exploration efforts in the "Ring of Fire". In addition, Jim Atkinson has been added to the geological management team in recognition of the need for more specialized knowledge and insight into Noront's exciting chrome discoveries and for additional field management bench-strength;

- Kevin Feeney and Carmen Diges have been added to the corporate management team in direct response to the need for sophisticated financial and legal experience.

Reducing Cash Burn While Maintaining Development Opportunities at McFaulds Lake

Your board and management reiterate their commitment to balancing exploration and development programs and budgets with the prudent management of Noront's treasury. The dissident shareholder wants Noront to reduce its burn rate. Management continues to consistently implement procedures to minimize necessary exploration costs. Furthermore, the dissident criticizes the Company's options agreements with other companies in the Ring of Fire area. These option agreements make money available to Noront to explore property and test drill targets that the Company might not be able to attend to in the near future given the limits of its resources. Rosseau cannot have it both ways.

- In order to maintain Noront's control over more than 300,000 acres in the McFaulds Lake area, Noront must annually file minimum amounts of assessment work in respect of each claim to keep each claim current. This maintenance cost is significant. Estimated annual costs for assessment work on Noront's claims at McFaulds Lake are $2.8 million.

- With the largest land position in the "Ring of Fire" and limited resources, prioritizing targets is essential in order to support shareholder value. Noront therefore retained sole ownership of its highest priority targets.

- Noront signed various option agreements with other junior miners to accelerate exploration. Noront has never relinquished operating control within these option agreements in order to ensure it maintains exploration and drilling control. These are all earn-in agreements in which Noront will maintain a 50% interest or more upon successful earn-in.

- This method of prioritizing targets has been extremely effective: Three discrete nickel, copper and PGM occurrences and two chromite discoveries have been made to date on Noront's 100% controlled land while a number of high priority targets still require exploration.

- Notwithstanding Noront's own success, any new joint venture programs have been placed on hold until assessment work has been filed and evaluated for this year so that Noront can evaluate its exploration requirements for the coming years.

- Budgeting for 2009 is under way to ensure that development priorities are maintained, in light of revised market circumstances, along appropriate cost-benefit parameters to maximize the benefit of Noront's exploration efforts.

- Noront continues to assess direct-ship options for its nickel-copper, PGM and chrome discoveries as a means to provide potential future cash flows to your Company.

- Noront has commissioned an independent study to assess the economic viability of its nickel-copper-PGM and chrome discoveries.

Rosseau's assertion that Noront has "diluted" its claim positions is misleading. Had Noront decided to retain its entire land position, it would have required significant additional cash in order to adequately explore and keep these claims in good standing. Estimated annual costs for assessment work on Noront's claims at McFaulds Lake are $2.8 million. Noront would have needed to issue new common shares in order to fund these expanded activities. The result would have been additional dilution for all shareholders.

Focusing on High Value Exploration Targets

Your Company has rightly focused on its key targets over the past year. We challenge anyone to better Noront's report card of four significant discoveries within a twelve-month period.

- Noront recently announced the results of a National Instrument 43-101 independent technical report which disclosed a resource on the Eagle One deposit grading 1.834 million tonnes, averaging 1.96% nickel, 1.18% copper, 1.12 g/t platinum, 3.91 g/t palladium, 0.15 g/t gold and 3.81 g/t silver in indicated resources, and a further 1.087 million tonnes in inferred resources averaging 2.39% nickel, 1.27% copper, 1.37 g/t platinum, 4.5 g/t palladium, 0.13 g/t gold and 4.21 g/t silver.

- As the Eagle One project has a published copper-nickel-PGM resource rich enough to consider direct-shipping options, we have begun a preliminary economic evaluation of this deposit.

- We are actively reviewing the development potential of the Eagle Two deposit, also discovered in the past year.

- Noront has made two significant chrome discoveries during the past year, Blackbird One and Blackbird Two, which unlock the potential for Noront to become a strategic supply source for chrome as part of a geopolitical diversification strategy for the chrome sector's existing players.

Windfall Lake Gold Project

Rosseau complains that "Noront is distracted by Windfall Lake and other projects". It ignores the fact that Noront raised $15 million in December, 2006 based on exceptional drill results from the Windfall Lake gold project in Quebec. The use of the proceeds from this private placement was clearly outlined in Noront's press release of December 7, 2006. The Company received a portion of these proceeds back from the Quebec government through its rebate program. They were earmarked for the construction of a decline (ramp) to access drill-encountered high grade gold deposits and test continuity. The discovery of Eagle One was incidental to the Windfall Lake program at the time.

The importance of Windfall Lake has diminished as encouraging results continue to emerge from Noront's aggressive exploration at McFaulds Lake. Noront continues to carefully consider alternatives, including disposition of Windfall Lake and its other non-core assets, to ensure that full value is realized and continue to focus on its core assets. Noront has commissioned a National Instrument 43-101 report and an independent valuation report to assist it in evaluating its alternatives regarding this project.

Noront - Credible Junior in Transition

Rosseau's "plan" includes "establishing Noront as a credible junior mining company". We believe that Noront has achieved this already. And so do many of you. Noront was named the top-ranked mining company in the 2008 TSX Venture 50, a ranking of Canada's top emerging public companies listed on TSX Venture Exchange.

The main measures of a junior mining company's credibility include drill results and the ability to obtain sufficient financing from prominent mining investors. By these measures, Noront has surpassed all expectations. Noront has clearly shown quality drill results since its discovery; with 43,500 meters of drilling to date, Noront has made five mineral discoveries in the short space of 15 months. Noront raised a total of $38 million in February, 2008, from highly regarded investors in the Canadian mining community. Few junior mining companies have achieved these goals.

We are more ambitious than the dissident. Unlike Rosseau, we believe that Noront needs to aspire to be more than a credible junior mining company. That is why we have been working on development and strategic initiatives with our team and external advisors to help ensure that Noront has the funds and expertise it needs to go to the next level.

Corporate Governance

During the past year, significant enhancements have been made to the Company's governance and policies. Highlights of Noront's corporate governance measures currently in place include:

- Development of an independent and stringent quality assurance/quality control program for its sampling and reporting.

- Improved policies regarding the safeguarding of technical results from the field, including all stages of processing, until receipt and public dissemination.

- Fully independent audit and corporate governance committees and compensation committee.

- Disclosure policy and audit committee charter and ongoing corporate governance audit.

Enhanced Accountability of Senior Management and the Board to Shareholders

The additions to the strength of the corporate team have resulted in decision-making by a more broadly based management group and increased accountability of management to your board of directors. As repeatedly stated, we have sought to increase the independence and composition of the board. We were pleased to be able to announce the addition of Paul Parisotto as an independent member of the board of directors.

Your CEO and Noront's founder, Richard Nemis, has also volunteered to relinquish his role as CEO as soon as an appropriate, qualified new leader could be found. His goal was to facilitate a seamless transition. The filing of the dissident's proxy circular has forced an accelerated recruitment process, which is not necessarily in the best interests of shareholders.

Further, your management has historically attempted to draw on the expertise and contacts of the Company's significant shareholders to strengthen its team. A number of months ago, Noront's CEO wrote to several of these larger shareholders, including Rosseau, requesting suggestions for further additions to the board or management of Noront. No suggestions were made by any of these shareholders, including Rosseau.

Reject Rosseau's attempt to seize your Company. Vote FOR the re-election of Noront's board of directors.

The proxy to vote is WHITE.

Noront recommends that all shareholders vote only your WHITE management proxy in favour of Noront's directors, as listed in Noront's management information circular. Discard any dissident proxy that you might receive. Regardless of how many shares you own, it is important that you vote. Proxies must be returned no later than October 24, 2008 at 10:30 a.m. (Toronto time) for your vote to be counted at the meeting.

Due to the limited time available, shareholders should vote using one of the quicker options available as noted on the management form of WHITE proxy, preferably by telephone, internet or fax, where applicable.

For more information or assistance with voting your proxy call Noront's proxy solicitor, Georgeson, toll free at 1-866-682-6157.

For your convenience, a duplicate form of proxy has been attached. A later dated proxy automatically revokes any and all prior proxies given in connection with the upcoming shareholders' meeting.



Thank you for your continued support. Sincerely, (signed) (signed) Paul Parisotto Richard Nemis Chairman of the Special Committee President and CEO</PRE><TABLE><TBODY><TR><TD></TD></TR></TBODY></TABLE>
Forward Looking Statement

This document includes certain "forward-looking statements" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical facts, included in this document that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company's businesses, operations, plans and other such matters are forward-looking statements.

When used in this document, the words "estimate", "plan", "anticipate", "expect", "intend", "believe" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Examples of such forward looking statements include statements regarding results and expectations for 2008 and future time periods, including, but not limited to, availability of financing, interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, metal prices, demand for metals, currency exchange rates, cash operating margins, expenditures on property, plant and equipment, increases and decreases in exploration activity, changes in project parameters, joint venture operations, resources and anticipated grades and recovery rates and are or may be based on assumptions and/or estimates related to future economic, market and other factors and conditions.

Georgeson Shareholder Communications Canada Inc. has been retained by Noront as proxy solicitation agent. Shareholders with questions or needing a WHITE proxy and requiring assistance in voting are encouraged to call Georgeson, North American toll-free, 1-866-682-6157.

ON BEHALF OF THE BOARD OF DIRECTORS:

R. Nemis, President and Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

CONTACT INFORMATION:
Noront Resources Ltd.
Paul Parisotto
Chairman of the Special Committee
(416) 864-1546
Fax: (416)367-5444
Email: info@norontresources.com
Website: www.norontresources.com

 

[lor]

post from AB

I just spoke to Richard

Posted by: tcp1002 on October 15, 2008 12:36PM

I asked about Windfall first. He said they are doing the bulk sampling now and making arangements for phaseII where they 6 to 7 zones that they want to reach. He is working on doing phase II with another goup and is looking to get $15- $20 MILLION. He also said that the market is giving us nothing in the stock price for windfall right now.
Spoke about Rosseau and he said that I should tell all I know to get out there and vote. I will vote all my shares and my wife will vote all her shares for RN and the current board. Richard said that it is very important to get the votes in. I will be voting tonight.
I asked Richard if he was goint to provide any more info to the shareholders. He said thare will be a pile of stuff coming out between now and Monday. Then he repeated that there will be a lot of stuff coming out. He said all shareholders will see why we should not vote for the new group trying to take over.
So lets all get out there and vote. We have waited too long to have some fund company come along and take over our Noront.
GLTA, Tcp

 

[lor]

This was posted at agora.

Just spoke to the National Post
Posted by: crazydik on October 16, 2008 12:55PM
I called Peter Koven who many of you will recognize as the reporter who has generally covered the Noront story.
I asked whether he was tracking Rosseau' s efforts to seize control of the company. He said that he was.
I identified myself as a shareholder who has been with the company in excess of 18 years and who had never lost faith in Richard Nemis or his team. I told him about the incredicle grassroots response by the retail shareholders against the Rosseau bid, and wondered whether this might not make a compelling story given the new found strength the small shareholder has to come together and voice a common position using the internet, and specifically sites like Agoracom.
Peter told me that he is planning on writing something prior to the AGM. He was reluctant to write about the retail response with Agoracom as he had already done that story with Aurelian.
I pointed out that this was precisely why this was newsworthy, insofar as Anderson had proven his track record of disregarding his shareholders when he made his pact with the devil. Peter did say that he found Anderson's inclusion on the Rosseau slate as odd. He noted that with the present market conditions, the Aurelian shareholders fared quite well.
I then explained the difference between being long on a company to enjoy the ultimate value of the proven resource, and playing the market and being subject to the vagaries of outside, unrelated, influences. I made it clear that in my estimation, Rosseau was in the second category.
At the same time, I learned that Peter has had good relations with Warren Irwin in the past. He does not seem convinced that this is a grab and dump situation. He expressed genuine surprise when I suggested that it has likely been Rosseau's group that has been shorting the stock over the last few months. Peter was unsure of this and said that he believed that Irwin had held the roughly 9% of shares for some time. He said that he would ask Irwin that question respecting shorting.
If there is a way of proving that Irwin or his group have been shorting, we need to find that out.
I said that I did not see any compelling reason presented by Rosseau, in its circular or otherwise, to justify this attempt to take over the company. Peter volunteered that it may have had something to do with Richard Nemis's early exuberance, and the comparisons to Voisey's Bay. I pointed out that Richard in fact avoided these comparisons, but that this find likely will prove larger than Voisey's Bay, and that the degree of success enjoyed by the company in the course of just one year was spectacular.
Peter agreed that this may turn out to be a very large resource, but felt that the early exuberance may have sent the wrong message to shareholders.
I pointed out that Warren Irwin bought a ton of this stock at the $5.00 PP, and that he clearly would have made that decision, not on exuberance, but on the song of the drills.
Peter agreed.
Bottom line, we will see some press coverage before the AGM. Peter agreed to call me as a retail (long term) investor when the time comes.
As Bloomberg is not particularly reliable, I would appreciate hearing (through PM if you prefer) of any objecive source on who was shorting the hell out of us over the last six months.
I will continue to keep you all apprised.
See you at $20.00
crazydik

 

[lor]

<TABLE width="100%"><TBODY><TR><TD>Friday morning thoughts from TC</TD><TD align=right>

</TD></TR></TBODY></TABLE>
Good morning. Overseas in Asia on the major indices they were mixed, with the Hang Seng down 4.44% and the Nikkei up 2.78%. The Nikkei was rebounding a little after suffering its biggest one-day drop since the 1987 crash on Thursday. Analysts said many overseas hedge funds involved in the market, such as commodity trading advisers (CTAs), have been yanking funds out to build up their cash piles as they brace for investor redemptions. Concerns about a possible increase in debt supply from the governments to finance the economic stimulus packages are also keeping investors cautious. Investors in the Hang Seng are worried that the recessions in the global economies will cause a slow down in China's export driven economy, hence the weaker Hang Seng index. In Europe the major indices are up sharply in early trade, tracking gains in the United States and Asia, as investors picked up battered banks and energy shares were lifted by a rise in crude. The DJ Stoxx European technology index was the top sectoral percentage gainer, jumping 6 percent, after Internet search and advertising group Google defied the economy to beat forecasts, and tech services group IBM said it would meet long-term goals. The global economic environment is still very negative, especially in the United States, where we have seen a dramatic drop in industrial production. This is the root cause of falling oil prices, however with crude now at half the price it was in July, we should start seeing a boost in the retail sector. Top that off with the reduction in the interbank rates, it should be positive for some of the economic numbers in the last half of October. On the economic calendar for today we have the Building Permits and Housing Starts numbers at 8:30 am, followed by the Michigan Sentiment Preliminary numbers at 10am. The early futures are pointing to a sharply lower open for the US indices. The falling futures are causing the European indices to shed some of their earlier gains.

Back in McFaulds Lake, NOT held it's trading range yesterday, down 3% for the day on slightly above average volume. For today we have support at $1.07 and resistance at $1.37. NOT's 13(MA) is now at $1.23, it closed at $1.21 as it continues to struggle with getting a close atop this important (MA). For the last week NOT has been consolidating in a fairly tight range and one of these days it is going to break out, hopefully not to the downside to double bottom off of recent lows. However a double bottom test, after a period of consolidation, is often a good opportunity for an entry point. I know I would be a buyer if I seen this stock go into the low $.90's again. For some unknown reason I have noticed RBC continues to hold this stock down, every time it tries to break up, whoever it is trying to hold this stock down, appears to have an unlimited amount of shares to achieve it's goal. It doesn't appear to be a shorter, so my best guess it has something to do with the current proxy battle with Rosseau Asset Management.

Yesterday after the market closed NOT had a news release, another chrome discovery on a 1 km step-out between the Blackbird One and Two deposits. It is simply amazing the size of these chrome discoveries, when you can do a 1km step-out and can come up with the kinds of assay values and intercepts, NOT is coming up with. However since the market gives these McFaulds Lake stock very little, if any, valuation for these chrome discoveries, they choose to announce them after the markets close, because they simply don't move the markets these days anyways. A sign of the times I suppose. However, at some point the market will come to it's senses and these stocks will be given a valuation for their world class chrome discoveries. When/if this occurs some of these stocks are going to look awful cheap at current share prices. JMHO

The proxy battle between Rosseau Asset Management and Nemis and team is heating up. I got a call from the Rosseau side last night, looking for people to take their side. The guy I was talking to was a man named Omar, he certainly did not have very good command of the English language and was very hard to understand. Omar appeared to be reading from a script. As soon as I started asking Omar a few questions, it was plain to see the guy didn't have a clue what he was talking about. Omar is apparently going to send me an email, explaining the Rosseau side, I am looking forward to reading what they have to say. However if Omar is the best Rosseau can come up with, to try and persuade people to take their side, I have to think they won't get many investors taking their side. Come on Rosseau, surely you can do better than that, that presentation was like a bad joke. After listening to Rosseau's hired gun, I honestly don't think Nemis and crew have anything to worry about, if they can get enough people To actually vote. This is a very important vote. It would be a shame, after all the hard work that Dick Nemis and his management team have put into building this company, to see it get stolen by a group of corporate raiders like Rosseau Asset Management. Rosseau is clearly not acting in the best interest of us retail investors.

PLEASE TAKE THE TIME TO VOTE !!!

The more I think about this situation the more I am convinced a major is behind Rosseau's proxy battle. I would assume any of the majors that have any interest in McFaulds Lake whatsoever, have already talked to Nemis. I think I can also safely assume they know Nemis and his team aren't interested in the quick buck and would want a hefty price before selling this discovery to them. Hence a major would talk to an outfit like Rosseau, set them up with the necessary funding for a costly proxy battle like this and take a shot at buying this on the cheap, through a prearranged deal. The one name that keeps popping up all over McFaulds Lake as they already have stakes in several of the area play stocks is Teck Cominco. So don't be surprised down the road if Rosseau happens to win this proxy battle, that we see Teck Cominco come slithering through the grass as the front runner to take control of NOT. JMHO

FWR bucked the trend yesterday and was up fractionally on below average volume. The chart of FWR is showing support at $.18 with resistance at $.22, which also happens to be it's 13(MA). It is going to take a close over the $.24 mark to confirm FWR has recovered from this latest downtrend caused by the panic selling that started in earnest two weeks ago. Supposedly we are going to get a news release today, if Mac Watson is true to his word from earlier this week. I'm not sure if this news release will be further visual chrome results from it's current program. The whisper from the rumour mills, has been saying that FWR has hit something other than chrome on it's current drill program. The drilling for something other than chrome is supposedly underway, so perhaps we get a visual update included with the chrome results that are expected. I decided to chase rainbows and took a position in FWR at $.20 earlier this week, just in case the rumours have some merit. My feeling is the downside risk at current share prices is minimal, so it was worth taking a shot, because the upside potential if they do indeed find some nickel looks fairly good. Just when it appeared FWR was poised to take off, the recent market meltdown, kicked the legs out from under the share price. FWR appears to have the worse possible luck, every time they report something good on the visual aspect of their current drilling program, it is on a day the market is in meltdown mode. May the god of drilling visuals be on FWR's side, on their next news release. Best of luck to all the suffering long term shareholders in FWR.

FNC's share price, which had remained fairly stable through the market meltdown has been struggling this week. I have heard nothing bad in the rumour mill, in fact just the opposite. Perhaps investors are slowly throwing in the towel on lack of news. It has been reported by someone talking to Peter Smith to expect a news release possibly today, but probably on Monday. With NOT drilling at AT-1 and FNC drilling at C-1, possibly we can get some good news from both of these stocks, at the same time. From what I have been told FNC has now moved from drilling at C-1 and has now started drilling at C-6, then plans to drill at C-5, then return to C-1, to drill close to Hole #2. Obviously Peter Smith and his drilling team, liked what they saw from the drilling core indicators and feel there is still a chance to hit the motherlode, somewhere in the vicinity of Hole #2. I have been told at times narrowing down the exact location, to hit the sweet spot, is somewhat like finding a needle in the proverbial haystack. I have this feeling we will be hearing lots more from FNC, in the very near future. This story of FNC appears to have lots of chapters left in in yet. FNC is obviously a high risk play, but with the low o/s share count any good news from the drilling program and this stock has a lot of blue sky potential.

PRB has been very quiet as of late. I have been expecting news at any time to announce when the drill program on the McFaulds West property will resume. Supposedly PRB is currently splitting its core samples from the past drilling program and some where around the first week in November we should be receiving assays back. If they can come back with some decent platinum and palladium percentages in these core samples this story just might have some life in it yet. The stock sure looks cheap enough at current share price levels, that picking up a few for the assay results and future drilling on the McFaulds West program may be worth the risk. Anyone that picks up any of these cheap shares, will need to have some patience. The story with PRB is not going to unfold overnight.

It appears things are heating up in McFaulds Lake, the three amigo's FNC/FWR/NOT definitely have lots on their plates and we should be getting numerous variations of news, from these stocks very shortly. Anyone of these three stocks could explode at any minute, if they discover something of significance. It appears they can come up with good chrome intercepts with high grades at will. But currently the market is still offering no valuation for these world class chrome hits. The news of significance will obviously have to come from the drilling for nickel. We just need to hear the words, "mineralized massive sulphides" and we could have investors scrambling all over themselves to get back into these plays. Actually a hit by one of these McFaulds Lake stocks would do the entire junior mining sector in Canada a huge favour. It is badly needed to get investors interested in these junior stocks again.

Best of luck to all McFaulds Lake investors.



Al

 

[lor]

<TABLE width="100%"><TBODY><TR><TD>D12 made this balanced post on the NOT A-board..</TD><TD align=right>

</TD></TR></TBODY></TABLE>
It reminds me of the wonderful, balanced posts that Al used to get crucified over. I personally think that he has some very good valid points...

Hey folks, hope all is well with everyone. Sorry I have been absent for a while but I have been working behind the scenes trying to get a better understanding of this whole mess. This situation is something nobody wanted in my opinion. I have received many PM's asking for my take on it. So, here goes:




First off, I would like to thank many on the board for their hard work looking out for the small guy. Some of you have logged long hours and for that you should be proud. This is a battle and it seems that the noront faithful won't go down without a fight. That being said, I think everyone needs to take this very seriously, including management. These guys mean business and this move wasn't just a seat of the pants type of thing. Obviously some real thought has been put into it. Opportunistic or not, they picked the perfect time to try something like this.




I DO NOT believe this is an attempt to screw anyone over. I believe Rosseau are pi$$ed off investors who want their money back, nothing more, nothing less. This in a way is a great compliment towards our NOT. They quite clearly believe we should be at much higher levels then we currently are. Despite what many are saying, these guys aren't the devil and don't dream up ways to screw us over. This does not mean I like them, quite the opposite in fact, but I won't let my emotions get the best of me. I have done so in the past and it was the biggest investment lesson I ever learned. They don't care about retail, we are nothing to them, so to think this fight is about retail just flat out doesn't make sense. I have no doubt these guys could potentially sell us for less then we are worth to quickly regain their losses. BUT, BUT, BUT, they will not do so if they see much greater potential. Many believe it is their goal to bring out SP as low as possible. Again, this doesn't make sense. Sure they may want to average down by way of a PP, but you can rest assure that eventually they will want the SP up. Is it dirty?? You bet it is, but unfortunately we play a dirty game, anyone who thinks otherwise, should re-assess trading stock.




Many have gotten so bent out of shape that they aren't thinking straight. They are sure that if Rosseau was offered $10/share for Noront that Rosseau would say "no thanks Mr. Major, we would like $3/share just so we can screw over other investors". This kind of paranoia has no place in this game and makes no sense. Of course there is a possibility that they will dump us right away to a major, but you can be sure that they will try and get as much as they can. Trust me, these guys will squeeze every penny out of a buyer that they can. They are greedy, make no mistake. The problem I see with Rosseau is IMO they won't go to the extent that current management will to ensure MAXIMUM share holder value. They will simply do what is best for them, period. If its selling at $3, $4, or $5, they will. Not because it screws us over, but because it helps them. This isn't personal guys, it's business. As sick and twisted as it appears, this has nothing to do with us.




We must also remember that this isn't only Rosseau. By the sounds of it they have Sprott, Pinetree, Genuity and others on board. As investors we must look at all angles and figure out why. From my own perspective I am a little upset that we left ourselves open for this attack. Before you jump all over me, please let me explain. We all of course want to blame Rosseau and others for our dwindling share price, but if we think logically we would all agree that these guys didn't drag our SP down from $7.42. They would have had no reason to do so. I assume they helped it down for the last little bit, but they wouldn't have done so if we weren't already dropping. I myself sent many emails to management stating this very thing would happen if we didn't right the SP. IMO we should have done a deal with a major to put a floor under us. Management didn't want to give away the farm, and I respect that. But in hindsight it would have been the best thing to do. They dropped the ball slightly and Rosseau took that as a sign to pick it up. I guess i'm upset because myself and others saw it coming and this is the last thing we wanted to see.




That all being said, the minor mistakes they made along the way were only because they so badly wanted to maximize shareholder value. I can't really hold it against someone for that type of dedication. I wish I could say the same for Rosseau and company. Quite clearly they can't forgive and forget. They are very upset. If this fight is to be won it will have to be at the institutional level. We know retail will back management, but we will need one of the big boys to flip. This may prove to be difficult. It is possible that some sort of comprimise may do the trick. We may not like it, but it may be the only way to stop their pursuit. I wish it wasn't like this, but i'm trying to be realistic here. I don't believe they will stop unless they get "something" to calm their fears.




We are in very troubled economic times and there is no real sign of that changing anytime soon. This has played a very big role in our situation. We all have to realize that it will also play a role in our future success. Majors will be looking for deals and will want the world for next to nothing. We have to guard against these types of attempts but we also have to know a good deal when we see one. We can't afford to be greedy given the current global crisis. I don't say these things to upset anyone, I say them because they are true and as such managements plan of attack must adapt. I think major participation is needed even if it is at a discount. Let them supply us with cash so we can keep drilling and prove up more. Then its time to drive a hard bargain. Make them commit, then push them hard for the final buyout. This is how it has to be done IMO.




After everything is said and done, I don't believe Rosseau has handled the situation properly. Dick doesn't deserve this kind of treatment. I imagine Rosseau is as emotional as the next guy and this is part of why they are taking this drastic approach. As retail share holders we need to recognize the importance of the big holders and need them to feel comfortable moving forward, otherwise this won't end. We need all holders to be comfortable if we are to be truly successful. I imagine Dick will be working very hard to produce some NR's that satisfy on all ends. Hopefully Dick has that ace up his sleeve that will put to rest this lack of confidence. All investors, Sprott, Genuity, Pinetree included need to give him the benefit of the doubt here. He has brought us this far and to ignore him at this point is flat out rude.




It is very normal for emotions to be running high in these situations. But we have to stay civil and open minded. I have seen many long time posters attacked for almost nothing. Bruce Durham's name is being dragged through the mud. I do not know Bruce nor am I invested in Temex, but I do believe we have more class than we are sometimes showing. The same is true for Sprott and the other big holders. They, like all of us, have the right to an opinion. Just because we think one way, doesn't mean they are scum for thinking the opposite. There is no need for name calling and dirty letters. If your goal is to get them to have a change of heart towards current management, no amount of swearing will accomplish this. It has to be handled in a professional manner with facts to back up opinions. Lets not turn on each other. Both sides need to be heard in order to make a proper argument that the big boys will listen to. I just don't want to see our board do the very things we are accusing Rosseau of doing....




Last but certainly not least, this whole mess has proved all share holders right. It proves that the area is worth fighting for. After everything is said and done, one thing will remain the same............the land. It isn't going anywhere nor are the minerals in it. One thing we all agree on is that it is rich and will make us rich. Lets just cut the crap and work something out that will make us all happy. Come on guys, it's time to strip the pride away and work together. We all want the same thing.........$$$$$$. Lock yourselves in an office and scrap it our for all I care, but you better come out with a solution. Believe it or not, you are probably closer to an agreement then you think...........




Take care all and good luck,




d12