Good evening to all NOT Holders, I am not sure if any one posted this article from the Nationl Post.
"Noront board challenged by shareholder
Jamie Sturgeon, Financial Post Published: Thursday, October 09, 2008
A major stakeholder in Noront Resources Ltd. is waging a proxy battle to wrest control of the junior miner one year on from its much-publicized nickel and copper find in Northern Ontario.
Rosseau Asset Management Ltd. said Thursday it has proposed to replace Noront's standing board of directors with its own slate after the company "squandered" its leading position at the McFaulds Lake discovery near James Bay.
Among other complaints, it said "Noront has severely diluted its McFaulds Lake claims position by entering into at least 11 different option agreements, which also drained and distracted Noront's administrative and operating resources," Rosseau said in a statement. "Noront is squandering its leadership position."
Rosseau said it currently holds 9.2% of outstanding common shares in Noront, valued at $11.3-million based on Wednesday's closing price of 95 cents a share on the Toronto Venture Exchange.
It was last fall that Noront, based in Toronto, said it had discovered a potentially massive deposit of high-grade nickel and copper north of North Bay, Ont. in the sparsely populated James Bay Lowlands.
The find ignited a rush of junior miners into the region, now known as the ‘Ring of Fire'. Further drilling by Noront has since shown its find to be smaller than initially believed, however there remains much interest in developing the project, estimated to hold more than three million tonnes of ore.
"We have never lost faith in the McFaulds Lake discovery," said Warren Irwin, chief investment officer at Rosseau in a statement on Thursday, "And believe that, with proper leadership, oversight and vision, Noront's long-term prospects are bright."
Rosseau said it has begun distributing a circular to shareholders ahead of the Noront's annual meeting on Oct. 28."
