Dear Agoracom

Can you clarify the current cash balance ?

In the last interview $30-$35mio was mentioned for the year end. Should it not be more $39mio (taking the cash balance of October and the December financing - the current burn rate) ?

$24 mio (Oct31) + $18 mio (PP) = $42 mio (- 3$ mio Nov/Dec) = $39 mio ?

(Jan25 Presentation states: Working Capital C$42M)

Can you check if the burn rate is further reduced to $1,5 mio ?

Comments from Vancover conference said that the burn rate is further reduced to $1,5 mio because of savings by not using helicopter services and focusing on close targets?

How long is Noront funded/can stay with the current working capital ?

If the world economic crisis goes into 2010, when will Noront need new financing ?

What are Noront options/plans if the crisis takes longer than expected ?

Can you ask about details of the Phase I Work Program that was mentioned in the last interview ?

What is the budget of the Phase I Program ?

What are the main targets beside Eagle1 and Blackbird ?

Grid1 (from Jan09 presentation) seems to extend further south of BB1&2 ? Is there anonter chromite prospect ?

Grid2 (from Jan09 presentation) seems to be more than AT12 North of the Freewest property ? How large is the target North of the Freewest property ? The presentation from the Anual Shareholder Meeting in October shows conductors all the way up for a lenght of 4 kilometers ? None of these conducturs wasn't drilled yet?

Did the latest gravity surveys gave already more information about Grid1 and Grid2 targets?

Can you ask about plans and progress with the Joint Ventures ?

What is the status of the Freewest JV ?

What are the plans for the Golden Valley property buy-in option close to the Zinc discovery of WSR Gold ?

Is Noront in JV discussion with any other plays (e.g. Fancamp, Probe Mines) ?

Kind Regards and Thanks

Tomy