Good Morning Not,

Many good comments yesterday… also, this board is boiling.

I can feel the heat…it makes me boil… I can’t help it…. I am boiling… I feel the rage and the pain and the greed and the fear… we all do. It feels terrible. I wonder how many here are overextended and unsure what is next for your investment… what is next for your family?

You wonder if you’ve failed, or are a failure. You wonder what your spouse will say… you wonder how you are going to get out of this.

I don’t blame NOT management. I don’t blame myself. I don’t blame our results, they’ve been pretty good. We just want our results to positively impact our share price…but the share keeps slipping. We all cling to the next glory release… well, few releases will move NOT in this market.

What? You don’t think NOT’s shareprice should suffer with this market? The whole of wall street is falling apart, the biggest finance companies in the world have been going under, bankrupt, caput, needing bailouts and we are upset our price is not rising into this market (we are falling too)… forgive me. What do you think is going on in the world?

Russias market has been frozen for 3 days… look around… we look pretty good compared to that…

The currant we are swimming against is strong, it’s really strong. The currant we are swimming against is so strong that real companies with real earnings and tremendous growth prospects are suffering… all over the planet they are getting pummelled, pummelled again and again… and we should be immune? I don’t like it any more then you. But, we are an explorer… a damn good one…

This is the plague of 1919… we will be happy when we come out of this… when we do, remember, the roaring twenties followed.

Onward to the main attraction…. NOT.

Holy smokes... Mac from FWR talking about 50 - 100 million tonnes of chromite after their recent chromite hole, lets think about this.... I don't take Mac as a guy to bullshit. I don't know him and have never talked to him... but I've seen him interviewed... these guys, NOT, FWR, and Co., the syndicate if you will, they have a pretty good handle of what is coming.

They don't know if all the grades will hold up, but given previous drill results, the average should be very good and the tonnage, off the charts. How does a company worth less the $50million like FWR speculate they may have 50-100 million tonnes of 30-40% chromite. Unreal. At today’s prices potentially on sale for less the $1 per tonne… interesting.

As for NOT, I am concerned about the share price and the inability to hold... I am concerned about the fact that we will in all likelyhood need to raise more funds...

I read Snezzer's post, thank you and well done.

The fact is, our guys are working hard to not have to raise more money... if we end up needing to raise money, we are in a brutal environment. I am also concerned that long time holders have posted they may need to sell some shares in the next few months to raise some funds as they are over extended... this is a big one. This may speak to sentiment.

As Jim Sinclair would say, "There is nothing more bearish then a burnt out bull." I'm not saying these guys aren't bullish, I sincerely hope they raise some money selling their beer bottles, or have a garage sale, or plan this Christmas to be a little more scrooge like, maybe send there loved ones a poem they wrote… most on here are good writers so that isn’t out of the question…. Cancel the annual holiday, or whatever... selling NOT shares is a last resort for bulls,... which means some are getting burnt out. Of course, if you need to sell, you need to sell… if it helps you sleep better or make it through the day, you need to sell. I was only pointing out the status of our emotion… we are down.

I get the feeling these guys know the tonnage on Chromite is off the charts… how do we value it? Is 10% of GMV- Gross Metal Value reasonable? What about 2%?

OK, what if we value our tonnage on a takeover at 2% of the Gross Metal Value of our Chromite…. lets consider if NOT can find 100 million tonnes, I realise we are no where close, but I get the feeling this number for the whole NOT area isn’t unreasonable, especially based on FWR comments… lets consider this tonnage at $400 per tonne.

Good news, if we are paid 2% of the above scenario, we are worth $800 million… that gets most of us back to par… that’s just the chrome company and that’s at a pretty small takeover price… who knows.… I wonder if International Ferrochrome took a swipe at us on similar terms and Xstrata was standing by, whether they would allow that hijinx to continue… we have the grades in Chrome to impact this market… lets get the tonnage.

As for the search for Nickel… that’s what the market wants… why not put the drills to work looking for it? What if we find the second find… the real Eagle two. and, we can transform Mcfaulds into two companies.

Company number 1: Blackbird Co, and Company number two, The Eagles, focusing on the rest of Mcfaulds with a primary focus on nickel and vms.

What if we find the second pod of high-grade nickel 1.5-2% and 5 million tonnes more of it?... we will have two legitimate projects in the same area... chrome and nickel. I’d search like hell for Nickel and do my best to put both companies on strong footing… we all think there is more then enough chrome to be found, might as well go for the nickel.
It’s been great reading this board this week…

Fun watching some familiar posters end up in lights in the advertisement.

What a market….

not financial advise, due your own dd

regards

cwallace