With Mr. Nemis coming out with an executive address today to clarify the lab issue was very smart and timely on managements part; hopefully it brings this issue to an end and we can get back to the work of proving our resource. Again, well done to Mr. Nemis and the management team at Noront.
So, here we go again, it appears our friends at Canaccord have put out a morning coffee briefing on last weeks NR and I dare say that they should listened to Mr. Nemis address before posting such response. (yes I do realize the address was after the fact and part of the reason why the address was required, if for any reason, to end these types of summaries) I would like to direct their research analysis or those who post these summaries to the man at the top (Mr Nemis) so they could hear his response before they post their summary to their subscribers. I would really like to hear what Mr. Nemis would say on their comments on "typical practices in the mining game" and get an answer to their question on the value of the company. Anyways, here is the MC comments as posted today from Canaccord.
Noront Resources* (NOT : TSX-V : $4.22), Net Change: -0.16, % Change: -3.65%, Volume: 2,317,991
Double eagle or a bogey? Noront admitted to some embarrassing lab quality control procedure errors by SGS Mineral Services Laboratory though, according to the news release, it has not affected released results to date. According to the CEO, "It is indeed unfortunate that at such a critical time in our exploration program there was this sort of unexpected failure in the laboratory used for our project," but the results were not yet entered into the company's project database. Judging by the company's comments, it is very unlikely that previously released results were affected. According to one trader we spoke to, the worst one can say is that it is likely that core samples that have strong visuals are sent for rush assaying while unimpressive core takes longer. This is a typical practice in the mining game and we don't mean to pick on Noront here. But these are the subtle ways companies attempt to put their best foot forward although sometimes they can be a little misleading. The question we still have: Is the company really worth over half a billion dollars at this stage?
