Hi PM,

 Not so sure why anyone would think NOT is undervalued currently. The market feels that NOT was worth $4.83 at close yesterday and there is no disputing it. I understand what Nemis is saying about the PGM's, but as President of a company I expect him to put a positive spin on his company, that is his job. With no 43-101 in hand, Nemis is at the mercy of what the market values the stock. For him to state he has enough PGM's for a mine already is a reckless statement, that I hope doesn't come back to bite his arse.  I remember the I could do a PP at $10 at any time statement. We all know how that ended. 

As for the latest PP, I think Nemis did a fantastic job in arranging it. We must remember when he was putting this deal together NOT was in the midst of putting in a bottom around the $2.50 range. Was it undervalved at that time? Well I certainly think it was, but the fact was at that time, that was were the market valued it. For Nemis to come out with a $4 per share PP is a testement to the man's value to this company.  NOT is now well funded heading into a very important drill season.

As for the analytic reports, or IBK or JPM using the PGM spin as a way of max'ing out shareholder value, who would believe them? Without the 43-101, their spins would be seen as hollow and useless. Investors must get used to the fact, patience is a virtue. The only way for the share price of NOT to go much higher is a good visual from DE2 or DE3 and/or the 43-101. In fact if we don't get good visuals soon, I expect the share price to have a downward bias.

Al