hello friends,

if you have an alligator by the tail you try to figure out how to get what you want without getting bit.

according to reports noront has 5 or 6 majors (and the names mentioned are some of the biggest of the big) who have signed confidentiality agreements, these are likely NOT standstill agreements. i suspect they can move on us at any time. not sure though. i will call them "THE BIG 6". so "THE BIG 6" get to meet "THE BIG 4" (lassonde, mcewen etc.) at the battle of james bay.

if i was richard nemis and if i cared about all of the shareholders i would realize that even though i was cashed up, i just don't have the manpower to realize all the value of the james bay area play IN A TIMELY FASHION, those four words are critical to understand what is likely occuring.

if noront hits a few more big holes and extends tonnage AND one or more of the other area plays hit, (bmk is starting drilling next week or so, and others are also funded and going to start drilling) then someone may make a move on this play in its infancy, leaving current shareholders with winning tickets but only for a small part of what may eventually be found.

by doing a jv you get more drills in the ground, and as long as you did not give up your most prospective ground (which i do not believe they are anywhere near) you get to keep more of the drilled results if things start cooking around the area. and jv's complicate takeovers. ie delay them in some cases.

i view this as a way to control and gain as much knowledge quickly as to value of the area with the current crowd "THE BIG 4" and "THE BIG 6" looking at noront with baited breath.

the drills are the only way to prove up value, if a certain point is reached someone is likely to make a move and i for one hope it is later in the game then earlier.

do your own homework

be right and sit tight

regards,

jsq