Good Evening NOT,

We are in a brutal market... I'm not sure who will survive. I believe NOT will.

This financing, although painful, if fully filled, will ensure NOT stays above water for a considerable duration, hopefully long enough for better days. I know we are cheap, but so is every other mining share out there. We won't be the last to have to sell shares cheap, in fact, many real companies survival will depend on the willingness of investors to step up at these "cheap prices."

This bad market is different then most. Look at the worldwide gov't intervention... something smells awful and has gotten everyone's attention. I don't like it but lets consider what we have just gone through... not to mention what is to come shortly with Ford and GM.... and dare I say more banking troubles will come.

I have had a few discussions in the past week with other knowledgeable shareholders. The size of this financing seems large, but having $40 million in the bank does allow flexibility.

If we make any friendly deals with others in the area, we will have plenty of cash to drill their lands. I suspect our negotiating terms have gotten stronger in the past few months.

There are many drawbacks to this financing. Dillution and timing are obvious. Are there any bright lights?

The new monies will put many question marks regarding our ability to raise money behind us. It will allow us to make some decisions regarding partnering or takeovers knowing we have flexibility in issuing shares or cash. It allows us to dispose of non core assets with the buyer knowing we are not in dire need of sale. Perhaps we'll get a few more dollars on the other end.

This financing will serve it's purpose for those who capitalise on it. This should also present another buying opportunity. This is a brutal market and there simply are no sure bets out there. I think NOT's future is bright. I also feel patience to get through this market is required. This financing should have just bought us some patience.

We need more nickel. We need BHP, Rio Tinto, and CVRD to return to strength. We need the world to convince itself that life will go on. This is a desperate time... even for NOT. This was a desperate measure.

I suppose we all knew this was coming... I am prepared to wait and see who the next CEO will be and what new shareholders we acquire in this financing. Something tells me the usuals will line up for more NOT, but, is there any shot we bring on a new investor in this deal?

what a market.... humbling. i feel sick. this too shall pass.

regards

cwallace