attention. We know who they are and what the do and everytime they try this crap our share price goes up.

I have reposted the Genuity report posted by QQ Girl; it speaks to their confidence in NOT. Why don't we give them a little more discussion.

· Event - Noront reports delays with assays due to laboratory failures to meet quality assurance/quality control (QA/QC) specifications for drill core samples since January 2008 (we had reported such expected assay delays in our April 17, 2008 note).

· Highlights - 19 sample batches (760 individual unreported drill core samples) were deemed unacceptable in terms of meeting Noront’s QA/QC assay protocol (as designed and monitored by QP Tracey Armstrong, P.Geo (whom we met on our April 8, 2008 site visit). Noront reported “a number of certified reference material failures in the laboratory occurred.” Samples are now being “re-run.”

· A certified reference sample is commonly referred to as a “standard” and is purchased from an independent firm that certifies the assays for the standard are accurate and repeatable. For example, a standard containing 2.50% nickel would assay 2.50% Ni +/- 0.25% Ni at a commercial assay laboratory on a consistent basis[1] (+/- for the acceptable limits). If, however, such standard sample assays are greater or less than the accepted range (+/- 0.25% Ni), then the entire batch of samples would be re-run for a second set of assays. Previously reported assays are fine (above issues not related).

· According to Noront's management, there were laboratory calibration issues and most elements were impacted (Ni, Cu, Pt, and Pd).· Conclusions/Recommendation - The good news is that the QA/QC procedures that Noront has in place are working and have detected assay laboratory quality issues prior to any drilling-related assay results being released.

· We continue to focus on the pending Pt and Pd assays for Eagle Two as being important to drive value and potentially add to confidence that not only are there multiple pods of mineralization, but such pods have significant PGE assays, as this has not been confirmed to date (for Eagle 2).

· We recommend NOT as a BUY with a target price of $7.00 based on our 12-month NAV. Noront is Speculative and suitable for risk-tolerant investors only.

Michael Gray

Mining Analyst