This is from the actual MD&A that is updated on a regular basis but is dated April 30:

"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."

This tells me that they view these non-ROF properties as being completely distinct from the ROF and eventually the company. This is a change in approach to how Noront has managed properties for at least the last two years I have been a shareholder.

To finance these assets seperately will require a seperate legal entity and listing. Either that or they will take it private in which case we would have a revolt and mine burning.

In terms of management, I have said before to some consternation that the current management will not live forever and at some point trying to juggle all of the balls on the court can become very tiring. While Richard may have the energy of a 20 year old, his workload has increased 1000% since pre-ROF days. I wonder how many days in the last 365 he has taken to go fishing which I know he loves so much?

It would not surprise me to see Richard remain as as the Chairman of the Board and CEO of both companies but have unique President's for each one to run the operations.

The silence concerning Windfall in the latest presentation speaks volumes.

While this is all speculation, how else would one explain such an obvious omission as Gold and Windfall in light of the quote I provided above.

All I know is that whatever transpires will be in our best interest if we hold on.

M1.