I promised myself I was not going to look at this forum until tomorrow, but couldn't sleep last nite so spent some time reading, and decided to put some thoughts to paper.

1. We have nickel at eagle1. Why haven't we found more.

2. we have two drills on eagle2 that have now spent more time there than two drills were on eagle1, yet there is no public discussion as to what they are finding.

3. About the time we hit eagle2, RN came out with a suggestion that we were changing direction.

4. We have added some very heavy artillary to the management team in the last month or two. These people would not be here for a short term bounce and then sell to a major.

5. RN has stated that we have one pod, and will find a dozen more.

6.We now have an resource estimate for eagle1 that does not justify the infrastructure required to begin mining but are now discussing a road and concentrator to process this ore.

I have bounced these questions around for some time now and have come up with what I believe is a very likely scenario:

When Eagle1 was discovered, it was realized that it was a huge nickel discovery. The concept of developing a nickel mine though is so great that there could be no intention of doing other than proving it up and selling to a major. Everything proceeded on this basis until Eagle2 came along.

Eagle2 appears to be primarily chrome, a metal most of us know very little about. I think management, upon looking at this new info suddenly changed their outlook on things. From what I have read, chrome ore is something that is sold as is. It is mined as an ore, loaded on some form of transportation and shipped to the end user, end of story. Suddenly here is the possibility that Noront could actually take this thing to production, and garner gains much greater than simply selling to a major. What they need though will be infrastucture (road and power). The other thing they will need is money and a lot of it, but they are the only player up there with the potential to source it.

They have Windfall, which could provide the funding for most of the infrastucture required. I think Polylabel suggested there was 100 mill there in the short term if they do some test mining. Herbwiebe suggested 2-300 mill for the same thing. This would provide enough for the initial requirements at Mcfaulds and assuming that the govt would provide funding for roads, we could have a viable operation going in a relatively short time frame. we could begin mining chrome and the nickel would follow as a secondary operation. However as we would have the concentrator we would in effect control 80%+ of mcfaulds lake.

I believe that this news release was premature. They did not really want to put it out but something was being demanded by the market and they had to release something. There is really no info on Eagle2 nor much mention of chrome, yet the main concentration on drilling has been, and continues to be, on Eagle2 and as far as we know they have chrome there and are drilling at depth and chasing it down. How many holes could they have completed, 50 or 60???

In summation, I am going to state that, in my opinion, this play is changing to a chrome play in the short term, that Noront intends to take this to production, and the nickel is just going to be a bonus(albeit a huge bonus). There will be lots of eagles found there, some by Noront and some by others, but it will be the chrome being mined in the short term that will pay for the cost of finding them.

Please remember that these are my thoughts only. I have no particular mining or exploration expertese, I'm just a very interested investor.

Regards

K