Early last spring when our share price was a little more robust and good news was arriving on a weekly basis, Noront entered into a few joint ventures. I selected two at random and calculated that Noront recieved from Bold $94.74 in cash per acre and a commitment of $552 per acre in exploration. They recieved $92.00 cash per acre from Intrinsic and a commitment of $536 per acre in exploration. Both over a three year period. Today, Noront has made a three year deal with Sureshot for $93.97 per acre cash and $536 per acre in exploration. So, take solace in the fact that Noront land values have not decreased at all and are totally oblivious to the economic disaster around the markets. The JV's today show a confidence in the ROF that defies the markets and really could not have come on a better day.

Mike