It's amazing how we can all read the same press release and than some start talking and adding values of their own. Lets revisit what the intial release said(see below). You will note that these are NSR, as I understand the money that goes into NORONT's bank account at the end of the day. Foot note 1 lays out the mineral market values used and also already subtracts the cost of mining and milling. note i says shipping costs are deducted. People this means these values is the money that NOT gets to spend on what ever they need. So to sit back and say in situ value of this % or what ever in not valid. when the market puts a value on profit per share it tends to be a multible of that value, ie 8 times its earnings. If you think I'm wrong read the retraction, this is likely the biggest issue that caused IIROC to halt this stock, because NORONT has not conducted the proper study, as stated they have not done, "a preliminary economic analysis (scoping study)". I think alot of people are way underestimating the true value of this resource. The total indicated resiource of 1,834,000 tons at $515 is our profit people, plus the total infered(we think it's there amount give us time to prove it) of 1,087,000 at $614.

INITIAL MINERAL RESOURCE - EAGLE ONE PROJECT

------------------------------------...
Indicated Tonnes Ni% Cu% Au g/t Pt g/t Pd g/t Ag g/t NSR(i)
$C/tonne
------------------------------------...
Massive 233,000 6.52 3.45 0.24 1.94 12.21 9.75 $1,631
------------------------------------...
Disseminated 1,601,000 1.30 0.85 0.14 1.00 2.70 2.94 $353

------------------------------------...
Total
Indicated 1,834,000 1.96 1.18 0.15 1.12 3.91 3.81 $515
------------------------------------...

------------------------------------...
Inferred Tonnes Ni% Cu% Au g/t Pt g/t Pd g/t Ag g/t NSR(i)
$C/tonne
------------------------------------...
Massive 217,000 7.00 2.86 0.18 3.00 11.75 8.70 $1,705
------------------------------------...
Disseminated 870,000 1.24 0.88 0.12 0.97 2.69 3.09 $341
------------------------------------...
Total
Inferred 1,087,000 2.39 1.27 0.13 1.37 4.50 4.21 $614
------------------------------------...

(i) Net smelter royalty is calculated using the assumptions in note (1)
below and after deducting shipping costs.

(1) The resource for Eagle One was estimated on the basis of approximate $US three year trailing average metal prices of $12.00/lb nickel, $3.00/lb copper, $650/oz/gold, $1,250/oz platinum, $325/oz palladium and $12.00/oz silver and the $US exchange rate was $0.90. An NSR cut-off of $115/tonne for underground mining and milling was utilized to report the resource.