I just got off the phone with Mr. David Graham, a director of the company. Richard is out of the country.

Noront management has been working on this for a while now. The price of the PP was lower a couple of weeks ago, but RN managed to work it up to this level.

Because of all the turmoil in the capital markets recently, management came to the opinion that they should do a relatively small PP now while they had the chance.........apparently they believe funds for this type of financing are tight right now, and may become tighter. Mr. Graham said we may see financings of other companies cancelled.

Management believes it is better to take funds at this price now, to ensure fast progress at Double Eagle, rather than take the chance of getting caught needing funds later at "who knows what market conditions".

Personally I am satisfied now, based on the conditions described by Mr. Graham.

All engines full speed ahead!

Holding with confidence, Canseco