Good day NOT

I haven't seen a stock get worked like NOT did today in ages... the good news, and likely obvious to most, is someone wants NOT shares fairly badly.

I recently attended PDAC, a great day indeed... so much to see and I would recommend attendance if possible. I hope this contribution helps those unable to attend.

I spoke with FWR, BMK, PRB, SPQ/NOT. It was excellent how much time we had with each company. Although we lurked from time to time, I was pleased with how much time we had directly to the reps.

Points of interest regarding NOT.

1. I queried most of the companies about the slow nature of drilling, specifically NOT or any immediate vacinity area plays going after DE2 sooner. The response I got was NOT wanted to raise money first, before anyone stepped out as a miss would "kill," if not slow down the area. my take- NOT is fairly influential in the area. For FNC, FWR, PRB, SPQ etc to not have drilled up to now, I wouldn't be shocked if this was a fairly concious strategy to ensure the play doesn't fizzle before more finds are made. NOT cashed up and immediately stepped out and hit. They were obviously using the time to refine their targets.

2. NOT was offered $40 million with a full warrant attached, only took $26m with a half warrant attached. my take- management took only the money they needed, and negotiated fairly hard to get this done. Well done management.

3. NOT has two higher level confidentiality agreements signed, no mention of with whom, but that these agreements allow the companies who signed with NOT full access to NOT's information, including minutes of board meetings etc. my take- if a bidder emerges, two seperate companies could potentially mount a fairly quick bid, raising the potential for a bidding war. Lets hope many eagles have landed before the first bid.

4. FNC and NOT are sharing some exploration costs regarding the target below DE1 that seems to be on jointly held land. No JV for this target is in place, still open for discussion.- my take, if NOT signed on, it would be a plus for FNC as NOT would likely only sign if they have a good idea of what they will find. Obviously NOT gains tonnage if they hit.

5. Drilling is 60 meters per drill per day. When asked if Neil knows where double eagle 3 is, he said he knows where they are drilling, that was it.

6. TSX listing to come the end of March. This was a surprise to me... lets see if it happens.

7. Regarding the DE2 halt, Neil said NOT was in talks with TSX on whether to halt with the description, TSX gave the go ahead. Also, it is not a given to release visuals with the description.

8. I asked a few of the reps if this was comparable to VB, they agreed it was comparable and that we are in the early innings. Another stated perhaps VB was promoted more heavily.

Of note regarding area drillers: sounds like FWR will be drilling their 100% property later this month. PRB should be drilling shortly, although a final deal was not signed with the driller at that point.

A few final thoughts from PDAC. I suspect NOT is still flying under the radar of most. This story is still a young story and a story that needs to be told. Also, the risk reward for NOT still seems excellent. With two discoveries, many targets and all the cash on hand, we are heading down the right path.

I am as excited about this story as ever.

Not financial advise, due your own dd. Sorry for the extra long post.

regards

cwallace