Taken from a Blog by HissiFiat

An excellent read and overview of NOT.
The writer has been with NOT for three years.
I concur with his thoughts.
 
Notice the date and the first paragraph. This sale announcement is an update to the blog. It is not clear where the update paragraph ends, but I put in my guess.

Notice that he sold on the 17th at $6.20
Notice that he says 'I still believe in the company and will consider getting back in when the time is right.'

I'm looking forward to a future update to this blog!

The original can be found here:
http://www.stockhouse.com/blogs.asp?page=viewpost&blogid=1134&postid=36758

BK

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START OF BLOG BY HISSIFIAT

Fear And Greed in Terminal City
Wednesday, October 17, 2007
 
Absolutely NOT

UPDATE:
I sold my Noront today in the 6.20 range. Considering the fact that I paid .60 for it, I'd be silly not to. I still believe in the company and will consider getting back in when the time is right.

[I believe this is this is the start of the original blog]

It was three years ago, but it seems like a million. I got suckered in to buying a 60 million share company with a  gold find at Windfall Lake. 60 g/t gold over several meters if I recall correctly, and i bought what turned out to be a top at .65

Less than a week after buying it, the euphoria had worn off, the stock was .30, and I felt like a jackass for chasing the hotness and getting stuck holding the bag. 60 g/t doesn't come around every day, though, so I filed my small position under "later" and forgot about it like I lost it in Vegas.

Sure enough, last Christmas Richard Nemis' Noront Resources drilled a 7m sample at the same Windfall Lake property that graded 1400 g/t Au. Renown geologist John Harvey was brought on to the project. The stock topped at a buck. If it's another Hemlo, it's going to be worth more than a buck. The company financed, drew up plans for a decline, and scraped the bottom again at .30. I was planning on legging back in, but waited too long.

The recent discovery at their double eagle project in the James Bay Lowlands has hardly been a secret. NOT is $5.62 as I write this, and they don't even have enough data to shape the deposit. There isn't even a rough estimate of tonnage, but the market is valuing NOT at a half a billion dollars. With ore values running over $1000/t near surface, such a valuation is entirely within the realm of possibility. But it's clear that the company has yet to grow in to its market cap. There is a significant amount of probability built in to this valuation.

But the street loves a story, and you can believe that every ounce of 'maybe' is going to get squeezed out of this situation. As a devout media junkie, I know that headlines with question marks at the end of them invite nearly infinite positive speculation about any given topic - especially in the business section. The Post's "Is this Voisey's Bay II?" on Monday turned out to be the perfect example.

The McFaulds Lake area is attractive right now for good reason. The significant discovery at Double Eagle has given a weighty context to every anomaly in the area. It's entirely reasonable to assume that there is more high grade Ni / Cu / PGM sulpides in the system. I understand that there is a Fugro airborne survey being completed right now, and that will most certainly produce drill targets. The only sure be here, is that some of the targets will end up being barren.

I'm still holding my Noront. Richard Nemis and John Harvey both have impeccable reputations. Any over-promotion that's going on ( VOISEY'S BAY 2?!!) is almost certainly the work of zealous and optimistic shareholders, reporters who know how to make maybe go a long way and the human nature. NOT is a good company with some good properties that they haven't scratched the surface on. Eventually, it could well be worth far more than 1/2 a billion.

The real question that should come out of this exciting action is: "How did we get here?" There are thousands of companies with moose pastures full of dreams trading in the pennies, how do we separate the future high fliers?

Working backwards since just before Noront became a household name, we had a company with strong management, good properties and a willingness to put money in the ground. All exploration properties are technically long shots. Nemis has been around the block, though, and he knew how to pick the ones that made the most sense, and lots of them. Even after the good numbers on Windfall Lake, he wasn't content. The company continued to put money in to exploration and test the merits of their properties. They weren't interested in running the stock up on the potential of any one of their longshots. They put one foot in front of the other and let the deal take care of itself. Along the way, they printed a boatload of paper. I'm not crazy about this, but it's a fact of life when a company has to do financings in the pennies.

So: The model here is simple. A company with good, experienced management, an attractive basket of properties and a inclination towards finding mines, as opposed to trading stock. It's also worth noting that Richard Nemis is getting on in years. He isn't in the game solely to make money. Undoubtedly, he has money. This guy likes geology, likes the rush associated with new discoveries, and has experience that can only come with success
 
END of BLOG by HissiFiat