Hi All,

Just finished reviewing the latest corporate presentation and am struck by the complete lack of information concerning Windfall Lake. The only reference to the lake is a star on the globe on page 36 of the document which shows where Quebec, Canada, Windfall is located.

That is it.

This is a document titled "Posed for Growth, Increasing Shareholder Value" and there is this only scant reference to Windfall. It holds the same amount of focus in the document as the projects in China, Mexico, and Burnt Hill. The only references to those are stars on page 36.

Now, I realize that the ROF is the greatest thing in the world and deserves the most attention. But why leave out Windfall entirely?

Something is cooking...

Fact:

- In December 2006, noront reported 52.2 ounces (yes ounces) of gold per tonne over 4.8 metres in hole 06-100.

- Noront has spent 10M dollars building the ramp into zones F17, F11, and W3 (where hole 100 resides).

- On March 18, 2008 Noront reported 143.3 g/t (4.18 opt) over 3.11 metres (10.6 feet) between 9.73 and 12.95 metres in NOT 07-175, a geptechnical hole situated 70 m east of and ~35 m above the main ramp.

- Noront has recently removed a lot of information concerning Windfall from the web site. Where their used to be pictures, there are none. Where there used to be historical assay results, there are none.

- The technical reports on the web site all date back to 2007.

- The latest MD&A has a reference to Windfall on page 11. There has not been an update regarding Windfall in this document since April 30, 2008 and there is no mention of the visible gold in F-17 announced in a press release June 27, though they have kept this document up to date as of a few weeks ago with ROF news.

- There have been four news releases related to Windfall in 2008, the last one being June 27, 2008. The ROF has had 26 news releases in 2008.

- The only updates we have received via any communications vehicle (PR, web, MD&A, Agoracom) is the map how far along they are in terms of ramp distances.

- The latest corporate presentation essentially (but not directly) labels Windfall as being non-strategic to the company.

As Bill and Ted once eloquently stated, "There is something strange afoot at the Circle K".

Maybe it is just my imagination but it appears that Noront is looking to go completely "stealth" when it comes to Windfall.

There are only two reasons for this in my opinion:

1) They are hitting nothing during the ramping and will wait until a good time to drop the bomb.

2) They are hitting everything during the ramping and are afraid that should news get out, the company may be taken over for much less than the sum of its parts, especially given the current share price and market conditions and sentiment.

Given the recent drop in share price, I normally would be inclined to vote for option one above. But there are three things that stand out that lead me to option two:

1) The market is bad everywhere so the drop in share price is highly indicative of the bad market.

2) There is no reason to go stealth if things are bad as the share price has had enough damage that any bad news coming from Windfall would not likely have an impact anyway.

3) The following statement from the latest MD&A:

"Over the next year, management of Noront anticipates being able to separate its assets that are outside the Ring of Fire area so as to finance and manage them distinctly from Noront’s primary Double Eagle properties.

Why go through this hassle if the assets outside of the ROF are worthless? One of the reasons for splitting assets into two companies is that you have more options when dealing with the properties as a whole. If you decide to sell off assets in non-ROF areas, it does not affect the share price of the other entity as its value is linked solely to the ROF.

I am going to go out on a limb here and say that we will be voting on the division of Noront into two distinct entities at the upcoming AGM. Following the division, news will be released regarding Windfall that will drive the non-ROF company to heights that would not be achieved if all were under one umbrella. I also predict that Noront will announce a suitor who will take a share in the new ROF company to help move it to the next level.

I hope my sense of smell is not off but my spidey sense are tingling and this company has been much too quiet given what they have and where we are at today in terms of "shareholder value." We are down 75% (from $5 to $1.25) from when the concept of JPM, IBK, and "shareholder value" was announced to the Richmond Club last year. Given what we know is in the ground, this is unacceptable. The fact that they have gone stealth the past number of months tells me that they are busy cooking something up. Something I believe will be big.

My hope is that my predictions come true and we all enjoy a nice Christmas this year.

M1.