NORONT VALUATION

CASH

The cash on hand at the end of the year was $22MMI think with the warrants that were exercised at $5.00 per share Noront raised a bunch of money? Right now don't they have close to $50MM in cash??? Is it more - does anyone know? So far with limited resources our management team has hit two homeruns - do we discount the cash because now that they have made it, it will be spent on booze and hookers? The market sure has forgotten we have this money...

So if our Market Cap is $310MM based on what happened today that means that if all we have is Eagle 1 - that it is being valued at $260MM. Oh crap I forgot about Windfall Lake....

Windfall Lake -

I would be willing to bet heavily that we could fire sale this property right now for $100M. 55oz per ton - pretty sure if Anna Nicole Smith was alive she would trade in her past hubbies inheritence and be up there digging the gold up herself. However, I don't have another perspective buyer in mind.

Value of the rest of Noront $160MM

EAGLE 1 -

The 43-101 comes back at 1.6 Billion Net Smelted Royalties. Assuming that it is impossible to get these resources out without others found. That means the market sees this at less then a 1 in 10 chance that these resources will be able to be mined at all? (crazy!)

EAGLE 2 and ALL THE CLAIMS THAT WE HAVE WE MUST THROW AWAY (simply because there could be resources there and that would make staying at our current valuation impossible) - Otherwise this exercise becomes way to riddiculous...

I think at todays closing prices you can't lose - a correction must take place. If you have money in CD's right now take it out because Noront is a safer investment. That is what I will be doing.

Please someone tell me where I am wrong - or I will be buying a few '000 shares tomorrow - and I am smart but not wise when it comes to mining stocks!