Shares of red-hot junior miner Noront Resources Ltd. (NOTv/TSX) sold off sharply on Tuesday for the second consecutive day as investors took some profits off the table.

In the morning, Toronto-based Noront released the latest batch of highly-anticipated drilling results from its Double Eagle project in the James Bay Lowlands. The company uncovered more massive nickel-copper sulphide mineralization, making particular note of high-grade intersections in holes #7 and #9. However, it did not report all the results investors were hoping for as it encountered faulty equipment and a mechanical breakdown.

Since announcing the big nickel-copper find in late August, Noront has been staking as much land in the Lowlands as possible. The company said Tuesday that it has amassed 41,632 hectares of land. Before August, it had less than 8,000."

I was a little ticked that once again the spin doctors failed to mention that it was the 2nd drill borrowed from SPQ that brokedown, and that the first drill was still drilling more and more holes without delay.  So I expected a drop today as more jumped ship based on the FP stories.

Outside of MJ, I do not know of too many longs who would have sold below $5.50 today.  My guess is that a lot of the sales this morning were shorts and that the mid afternoon climb was those same people covering.  If you would have asked me yesterday I would have predicted a price between $5.20 and $5.60 so the swing today caught me by surprise.  As did the halt.

I am really beginning to like Richard.  First the Financial Post issues two crap articles about recent Noront insider selling and then the one posted above.  Rather than defending himself he took some time and then hit the bashers right were it hurts - in the pockets of their shorts.

:)

You gotta know that there was a lot of people shorting the stock since Monday.  They took a dump on what was the Richard's coming out party.  The one day of the year that Richard meets with investors and provides a full update on all that happened since October 2006.  As I predicted, he provided a news release before the big show as this is what the crowd wanted.  What I don't think he predicted was the concerted action pushing down the share price.

This could have proved disastrous had the share price fallen below $4 as the tens of millions of shares that were purchased above $5 would have been hit hard with between a 20 and 45% drop in value at a time when IBK is trying to win support worldwide.

As is, the shareprice rebounded from further damage at $4.80 and King Richard launched the mother of all surprise assaults on the shorters - a HALT and a piece of news he did not present at the AGM.

I will now call him King Richard, the merciless.

For there is no mercy for the shorter if what I am thinking is coming up is released tomorrow.  It was likely a good time to short the past three days if you follow TA, sentiment, believe the Financial Post or its impact on investors, and more importantly believe Noront is only about what is happening at Double Eagle.  But Noront has never acted like it should, as I said in my posting yesterday.  Why should it start now?

For those of us who have watched Noront since Windfall last year, we know of all of the other goodies just dying to release some news.

Like res-investor elequently posted on this board earlier this evening, this is not about natives, permits, or the ramp.

It is about drill results.  It is too early after the AGM to see a JV announcement IMO.  That would have been good AGM fodder and likely announced then.

I am 98% sure this is not about Double Eagle.  Why?  Tuesday and the AGM was all about Double Eagle.  Richard gave us all he had concerning the project, as that is what everybody wanted to hear about.  To release any other results would have diluted the attention away from what has taken us from .40 cents to $6 less a few pennies.  I believe he kept what is being announced tomorrow in his hip pocket.

I am putting my money on the news being about another property, with significant results that warrant one of these rare halts from Richard.

This halt will be big IMO and the timing has everything to do with taking a dagger to the manipulators shorting this stock.

As everybody is throwing in their 2 cents into the ring, here are my guesses about what is NOT the cause of the halt:

*Burnt Hill - though two drills are turning as I write, Cadillac (CDEX)only saw 7500 share trade today on the CNQ exchange with no significant movement.

*Hunter's Point - too early for that one.  Only geophysical going on.

*China - I believe Richard said that next year we will hear news.

* Double Eagle - I find it hard to believe that anything could have leaked from there in the 24 hours since the AGM.

So that leaves Windfall (.80 possibility), Lizar (.10) and Mexico (.10).

If this concerns either Lizar or Mexico, we are really in for a treat as Richard has never halted the stock to present news about either property in the past.

My money is on Windfall.  I predict the assays are back on about 20 holes and some of them look great.   With Gold at $800 bucks an ounce and all the attention on Noront, it would be great to get the Windfall story out while at the same time burning the shorts.   While I know that the Nickel, Copper, and PGMs at Double Eagle are exciting, just wait until they start to pull the gold out of the ground at Windfall.

The shorters made a fatal error the past few days.  They forgot about the other properties and the historic bonanza grade gold at Windfall.  If Double Eagle can take Noront to $20 long term, what is in the ground at a place called Windfall Lake can take us to $50.  I am not making this up.  A good result for an average gold explorer company is .3 ounces of gold per tonne over 4 metres at a $400 an ounce gold price.  Noront assayed 52 ounces per tonne over 4.8 metres last year.  That is 150 times economic grade.  300 times if you factor in current prices.  It does not take too many tonnes to make a mine with those grades as Richard stated to the Richmond Club a few weeks back.

I am holding Noront long because of Windfall.  Gold stocks are what will make you all millionaires over the next four years, even if you start with a 20K investment.  Trust me on that. (see my next post for more details).  Noront is primarily a gold company.  Double Eagle is a real bonus, but only a part of the story.  We have a trifacta with Windfall, Double Eagle, and Burnt Hill this year.  Make sure to keep your core shares safe and only trade your swing shares as there is no end to the heights we will see over the next six months with Noront.  There are also some other gold companies I am keeping an eye on and will share those with you on request as they were given to me by the ShareWizard and I would not be in NOT today if it was not for him, so I share my DD with those I trust just as he did with me.

If history is any indicator of the future, tomorrow may get really ugly as shorters throw everything at protecting their positions.  It happened after hole 5 results were released and it will likely happen again.  The sign will be the presence of bashers on Stockhouse.  If I see certain people, I know a war has started again.  If we have peace on the boards, then expect quite a jump tomorrow as the houses let this take off unimpeded.

What better place to be then with a fistful of Noront shares!

M1.