First of all, I'm long on NOT and am not going anywhere for a long time. I'm still a believer.

Today's NR was the first one that was almost bad news. It feels like they waited until they had good news (i.e. hole 40) and then released it. It feels like the company is still extremely optimistic, but they haven't found another home run yet.

We thought we would get some news by March and it's almost June. They had to give us something, so they gave us visuals. They also gave use some PGM and NI assays that were not very exciting.

On the positive side, it appears they may have found a lot of copper and low grade nickel, not to mention mass quantities of chromite. I think it is apparent that NOT is going to find more ore and this is going to be a mine.

The market for junior mining stocks is brutal right now. Even company's with proven reserves are getting hammered. NOT is going to have to prove up every ton before investors jump on board. I think we could see $3.50 if the mining sector continues to get hammered.

I think that is the bottom because of Eagle One. On the other hand, these results did show promise. We could see the stock jump to $5 by the end of the week – it all depends on how investors view the chromite. That stuff seems pretty valuable to me.

Either way we are stuck in a trading range until we see more results.

Newager