i just finished a conversation with Michael White and this is what came of it:

I asked Michaeal a few simple questions:

1. do you feel that the share price properly reflects the value in Noront today?

2. is 10% a fair number to use when calculating our harvesting costs?

3. where are we now and do we think 7 million tonnes is the max we can achieve?

4. possible buy out time

this is how he responded:

1. At this point he thinks the share price is pretty much on target for what has already been provided. He said that if the drills were to stop today he thinks the current price is about right with not taking in to account any upside whatsoever. Therefore if we do add in just a little upside and potential the share price could be much higher. He went on to say that once more results come in and more is proven out the share price will follow suit.

2. He said the 10% used to help calculate is a rule of thumb but might not be the best indicator in NOT's case, the number may be more like 15% or slightly higher. I did not ask him why he thought this because i assumed it has to do with not having to build a smelter etc?????

3. I asked him about the comment of 700 million tons and he chuckled and said he obviously meant 7 and said it was a freudian slip. I told him that i kind of took it like 7 million was our target and if we got there we would be happy. He was very quick to point out that he did not think 7 million was the most tonnage we could get and in no way did he mean for it to sound that way in the presentation. In fact, he said off the record, he believes they are already there, however he could not go further to as why. But he did say it twice that is his opinion they were already at 7 million. He also went on to say that they expect to find more clusters as it would be very abnormal for there not to be more.

4. I asked Mike about the possibility of a buy out and what the approximate time line would be and he figured it would be within 12 to 18 months, but said he wasn't completely sure, this is just what they see realistically happening.

SOME OTHER NOTES:

He made it very clear (saying it twice) that neither IBK or JP Morgan is getting paid a "dime" until a buyout is complete. I went on to say that they obviously see potential in this and he responded, "JP Morgan does not work for free". He restated this a second time. He said that JP Morgan does not go into something blind. Michael also wanted to point out that there was still lots of work to be done. He said they were very excited also and have a great plan in place to complete the work. I would also like to point out that i called Michael and left a message and he actually called me back and left a message on my answering machine. He is probably very busy today so the very fact that he went out of his way to call me gave me a good feeling. He was very polite and very easy to talk to.

MY TAKE:

After getting off the phone with Michael i can truly say that he sounded very confident and there was absolutely not one word of negativity or bad news. I am now more confident in my position as a NOT holder then ever before. I truly believe it is only a matter of time before we really start reaping the rewards of our investments.

good luck all