Well, we are about to embark what I think will prove to be a spectacular year for those of us who carefully and selectively invested in the Mc Fauld's Lake plays. NOT's latest press release is yet another historic and perhaps unprecendented set of results - I do not recall seeing such grades in any other major discovery, but even if I am wrong on that and there has been, this would do nothing to detract from the significance of the DE discovery...

As many very, very successful and famous investors, people such as Warren Buffet, Seymour Schulich, and many others, have stated many times in the past, the key to successful investing is not anything magical, profound, or mysterious. Rather, all that is required is a healthy dose of patience, which by definition, I would argue, requires a strict and rigourous control one's emotions greed and fear.

Some of you are like little birdies blown around in local breezes as you try to make your way south, north or wherever. When the markets (NOT) is up you are happy and chirping excitedly, and when things are down... Well, you are the opposite of that, and quickly lose sight of where you were going in the first place.

NOT has continued to deliver excellent results since this discovery first broke, as they indicated they would. There has been virtually no bad news, and in fact, much of the news has been phenomenal - find me better drill results in terms of grade and intercepts containing not only Ni-Cu minerlization, but also PGMs, and lest we forget... Rhodium.

This story has gained worldwide attention, there have been site visits by all the relevant major mining companies, and there has been active interest and involvement of large investment houses, and intsitutions such as JP Morgan. How many junior mining companies can claim that?

All this during a time when the markets faced such crisies as the sub-prime issue and the repricing of risk, global financial and geopolitical turmoil, a possible US recession depending on who you talk to and when, record high oil prices, and a nasty tax loss selling season fuelled by fears of all the above...

Yes, things have not gone excatly according to how we on this board hoped, predicted, or planned in terms of NOT's market capitalization, but afterall we are not the market makers, those MMs who drive the markets with a constant battle of fear vs. greed. So we should not be too hard on ourselves, or start crying in our beers, or even be surprised for that matter when the markets do what they do best, what they always do - behave irrationally - with greed and fear tugging at both sides of the wheel as the market swerves down the road.

In case its not becoming clear, yes the market does not approach investing in the way us smart, small-time retail investors do - with patience and long term vision the extends beyond the latest market news. For those who really understand what NOT has discovered, it will be abundantly clear that what the market does today, tomorrow, or 6 months from now, will largely be irrelevant to the long term success of our investment in NOT, and other selected McFauld's Lake plays, given that we understand that we are now part of a major discovery, and the results from this will eventrualy trump any market irrationality.

I guess it is through no fault of your own that some of you are not equipped to either appreciate or understand what is happenning at McFauld's Lake, which, however, leads me to question why you are invested here. At any rate, if you look at all of the evidence, analysis, and drill results, it should be clear that some of our best CHANCES for speculative participation in major new discoveries(s) anyhere in the world, in an enviroment with the arguably the lowest geopolitical risk in the world, exists in a selected group of the McFauld's Lake plays led by NOT. But I guess its hard to please all of the people all of the time, no matter how great the potential is...

What we are experiencing right now with NOT's SP is the result of a confluence of factors, and it requires a patient, confident and far-sighted view to see 'through' these. For those who were paying attention, what we are seeing now was predicatable and even anticipated by people as Peter Hodson of Sprott, whom hold a sizeable poition of NOT shares. What Peter predicted back in late November on BNN was some short-term pain with NOT's SP, as it was 'burned' by the tax-loss fires fuelled by the fears mentioned above, before it would make strong gains in early 2008. Today, the volume is insignificant, during a Holiday week, while we are still within the window of the 30-day period for capital losses incurred during what we refer to as tax-loss season.

Let me repeat the volume issue for those of you who missed it. Look the volumes... They are relatively quite low compared to those experienced when NOT made its major gains and cogently established itself at new level of market capitalization. If there was panic with NOT right now, we would see 5, 10, or even 20 million shares trading as the SP spiralled downwards. However, this is clearly not happenning, and those people (heavy hitters) who wanted into NOT in a major way on those high volume days when it was becoming evident that was happening at DE was more than just the 'product' of an "incorrigible old promoter", are still 'in'.

So, the real value of NOT, to my mind, is what it was when the volumes were high and people were getting in. Most of them are still here, given there have no high volume days recently, and when the SP drifts lower on low volume days/periods due to the machinations of dodgy, incorrigible, small-time entities such as Canaccord, who like stealing candy from babies by teaming-up with guys like PVE to create fear, so they can satisfy their greed, or perhaps simply because they are just incompetent, most of those people/institutions who got in on the high volume days and are in for the real story, the long haul, the big enchilada, are probably only barely paying attention with some amount of mild, disinterested amusment, as others such as Canaccord and its cronies the scare and drive down the morale of those not astute enough to understand the game, and patient enough to wait for what EVERYONE knows is very likely coming, i.e, more gains, more good news, and more profits.

So be patient, do not sell, buy more if you can... And Happy New Year!

In the interim, and near-term, we can look forward to $5.00 again, so we can be rid of madams1 and her incessant whining. When we are shopping for new Ferraris, she will be busy polishing those mag wheels on her 10 year old Lexus...

Regards,

B.