First of all, hello everyone. I have been watching this forum since its inception and in fact installed it as my "home page" almost from the beginning. I have learned a lot, and want to thank all of the knowledgeable posters. Before Agoracom, all we really had was that "other" site which has degenerated into....well, you know what.

Believe it or not, I have owned a little Noront since 1993. Bought it for $0.43. It went down to $0.06 at one point! Needless to say, I have kept the faith. Thank you Saint Nemis for doing the same.

I am no expert on mining or business, so I have preferred to let others move the debate. However, I finally feel an uncontrollable urge to say something. Please forgive me if I'm wrong.

This morning's NR strikes me as something quite unexpected and remarkable. The tonnage was definitely lower than I had expected; my expectations were more in the 4 million range. The grades are there though. It looks like somewhere around 3% Ni equivalent overall.

What really struck me was the visionary statement that our little company is quite prepared to go it alone. In effect saying that they don't give a hoot about the vagaries of the market. We have a pod, yes, but what a pod! Don't tell us what we're worth....10% in situ, 20% in situ....We have a few billion dollars in the ground and all we really need is a road to get it to the bank!

It might be worth noting that the news release did not indicate in situ value in the last column. It gave Net Smelter Return value. One of you mining people might be able to help out here, but I understand that to mean the price they expect to get at the smelter. Noront has further reduced the dollar figure by the amount of expected shipping costs. In fact if you do the math, just the first line (indicated resource for massive sulfides) works out to an in situ value of CDN$2407 per tonne (using the values in note 1) as compared to CDN$1631 per tonne NSR. (Both figures would be approximately 8% less if current us$ exchange rates were used). In other words, the NSR value quoted is 67% of the in situ value. The other lines of indicated and inferred resource appear to be reduced by the same factor. I could be corrected, but that's the way I'm reading it.

If the above is correct, the actual in situ value is well over $2 billion and Noront is in effect saying "we're keeping most of it for ourselves, thank you very much!" I don't believe it translates to 67% of in situ, since other production costs are not included, but I dare say its a far cry higher than the customary 20 or 30%.

Visionary, wouldn't you say? Looking outside the box? The new Inco? Would explain why so many top mining people are now on board?

I realize that time will tell. Please, could the experts weigh in. Your opinions are important to me. I would like to buy a little more when the halt is lifted, but I would like to know if I'm looking at the matter correctly.

Thanks. I have finally spoken. I don't know if I will speak much more, but I thank you all for listening.

Johnny