The more I have thought about the recent NR the more I believe that the current stock options being granted to the new Board of Directors border on unethical and possibly illegal behavior.

Fact:

The old board of directors were issued stock options as a part of doing business, as reward for performance.

Fact:

The new board of directors are looking to grant the new BOD and co-CEOs 1.8 million stock options at a price of .80 cents.

Check out the difference between the strike prices under the old board as compared to those being executed through the new new board:

The following table summarizes information about stock options outstanding as at July 31, 2008:

# O/S Black-Scholes Value Remaining Life (Years) Expiry Date

800,000 $ 212,160 $0.30 0.67 March 2009
200,000 - $0.15 1.08 August 2009
125,000 66,605 $0.68 1.17 September 2009
50,000 21,500 $0.50 1.25 October 2009
150,000 22,350 $0.15 3.25 October 2011
750,000 482,377 $0.75 3.42 December 2011
50,000 170,950 $3.25 4.17 September 2012
525,000 1,811,250 $5.13 4.33 November 2012
50,000 153,500 $4.86 4.42 December 2012
2,005,000 6,636,550 $3.90 4.83 June 2013

Total:

What I would like to know is how these ten day directors feel they can get away with giving themselves .80 cent stock options when the last time stock options were this low was when .75 options were issued to employees following a .50 cent PP, before the Windfall ramp and long before Double Eagle 1, Double Eagle 2, Blackbird 1, and Blackbird 2.

The existing consultants and new staff hired since that time all have options at $3.25 and higher. How can the new CEOs justify .80 cents?

Did you notice that there was no mention of other executives, staff, and consultants being granted .80 cent shares? What kind of message does this send to the valuable staff who are the reason the company was able to define a $2B and counting economic resource at McFaulds.

In my opinion based on the visible actions displayed in the latest Noront News release dated November 11, 2008 and signed by Paul Parisotto and Joe Hamilton, the current stock options undermine the existing stock options held by staff who have worked for the company longer than two weeks.

It is also my opinion protected by the Charter of Rights and Freedoms in Canada that both Paul Parisotto and Joe Hamilton would not pass an ethical review concerning their recent actions if such as review was conducted by an independent professional review board.

It is also my express opinion that the action of the co-CEOs granting these options to themselves and the other newly elected BOD members, at this particular time, in light of the recent proxy contest and board change, in light of Noront's current share price performance, and in light of the higher share price condition held even as late as the date of the Noront Annual General meeting held on October 28, 2008 amounts to what I believe to be a lack of performance in protecting the rights of existing shareholders. Many are perceiving this action as an opportunistic move that personally benefits the co-CEOs at the cost of the shareholder who invested wealth into this company at values much higher than the recent stock option strike price announced in the latest NR.

The background information used to form my personal opinions are the stock option exercise price values as published in the most recent company interim financial report dated September 29, 2008, the market reaction to the news release on November 12, 2008, and the fact that this share option offering was not presented at the most recent annual general meeting dated October 28, 2008, held just 11 business days ago whereby all participating voting shareholders were present through either attendance or proxy.

I believe that such actions as taken by the co-CEOs could, if investigated be viewed as fraudulent and should be duly investigated as such.

I encourage all shareholders to write a letter to their member of parliament describing the actions recently being conducted within Noront from the date leading up to the annual general meeting until today. The premise of which would be that our lawmakers should be aware of situations in which the investment lifeblood of the ecomony, this being private investment capital, is being disincentived due to the actions of individuals with little history or prior committment to a company in the form of investment holdings of such company or lack of prior participation in the company affairs.

Should such actions as what have been announced by the co-CEOs of Noront continue to proliferate among other publicly traded Canadian companies, there is a risk that trust in the market will not return in light of the national financial market crisis.

I plan on writing my MP a letter with some of the history and statements included in this message. I encourage others to do the same as I have doubts as to the effectiveness of a TSX investigating given past inquiries by some posters and NOT shareholders during a time of perceived share dumping and cross selling. The TSX applies the laws and regulations. It is up to the lawmakers, who we elect, to ensure that all those who invest in Canadian companies like Noront are protected from avarice and financial looting in a time of national financial distress.

After watching the specials on Vimy Ridge yesterday on the history channel, let me say that it was only a couple of generations ago which saw men much younger than the majority of us fight for a country in an effort to protect the and uphold Canadian and Western values against tyranny and injustice. Have we really fallen so far down as a nation that we allow the types of financial actions described all over the national media and most recently within Noront's NR? Injustice is no longer isolated to foreign countries. It is being perpetrated by those born and educated on Canadian soil and who call themselves Canadians. Passports are cheap to come by, but it is what is in a man's heart and the integrity within his bones by which he will be judged by his family, his friends, his society, and his maker. How people who steal away a company from its founder and then its shareholders can look at themselves in the mirror each morning is beyond me. Pray for justice to shine its light during these dark times.

M1.