Hi All,

Been pondering the last few days the posting by D12 in which he presented four different opinions from this board regarding Windfall. My opinion was included as one of the four.

It is one thing to have opinions and everybody has one as the saying goes, and I like to try to enhance my opinions with what I consider factual information, subjective information based on observances, and sometimes information based on intuition based on the overall market and economic context that surrounds our investment in Noront.

I decided to go back and review all of the information from Windfall from 2008 and earlier. This is the period ot time following the drilling of 160 different holes on the Windfall Lake property and what I believe to be another 40 holes on the JV property that Noront holds with MUG/FWR to the North. The JV property holds two zones called F-11 and F-17 and the main Noront zone is W-3 which contained the infamous 1327.9 g/tonne over 4.8 metres from drill hole 06-100.

A total of 15 million dollars was raised in December 2006 to build a exporatory ramp into these areas, and 15 months later the ramp was started after all permits were received and government and first nations requirements were met. It was completed October 21, 2007. A total of 12.5 million was spent on the ramp and Noront received 35% of that back from the Quebec government for future exploration.

At the time that financing was raised for the Windfall Lake program in December 2006 gold was trading at 600 per ounce and has not dropped below that mark since. Today Gold is touching the $1000 per ounce U.S. mark in the world markets which represents a 65% increase over the price in December 2006.

Compare that to the price of Nickel at the time of the Eagle One hit in August 2007. Nickel at that time was at $23 /lb bucks and change and today sits at $4.22. This is an 81% decline. Copper in August 2007 was selling for over $3.60 /lb and today sits at $1.42. A decline of 60%.

I realize that Double Eagle has the potential to be the next Voisey Bay or one of the largest Chrome finds in the world. We are truly blessed to have hit Eagle One with the first hole and hit some massive nickel on just the fifth hole. Eagle-2 and Blackbird 1 and 2 are also future money pots for Noront.

But at what point may it begin to make sense to divert some resources back to Windfall Lake with Gold trading so high with no end in sight given the world economic picture for the next 8 months?

If the CEOs would just state publicly that Windfall Lake is a dud and the W-3 muck and bulk sample assays were duds, then I would be fully on-board with the current direction of Management.

But we have received zero news releases since Windfall Lake since October 21, 2007 when the ramp was completed. While the bulk sample assays from the F-11 and F-17 zone were less than stellar, the following statement from that NR is still outstanding:

In the W-3 zone, on the Noront wholly owned claims, drifting for 55 meters along the zone at 100 meter below surface encountered sulphides over a total exposed length of 30 meters. All assays for samples taken from the W-3 zone to date are pending from the independent analytical laboratories. At the W-3, the zone follows a multiple set of crosscutting fractures creating a very erratic distribution of the gold values and discontinuous gold-bearing, stringer-type mineralization.

What is interesting is that this news release was issued during the proxy war. I believe Richard released all of the information regarding Windfall he had at the time as the assays were still in the lab. Where are these assays now? Are they sitting in the back seat of Paul's car? Did the dog eat them? What the CEOs forget is that they have information that needs to be released to the market. Noront is not a production company. It is an exploratory company. Assays are taken to show whether exploration programs are successful or not successful. As shareholders, we have a right to know whether the assay results are good or bad.

At this point bad assay results for W-3 would have little impact to the SP in my opinion. But excellent results would potentially change the SP given the price of Gold. If the CEOs are holding onto assays for W-3 that show economic grade results, then they should release these to fulfill their duties to maximize shareholder value. Any action to the contrary could be construed as holding information to keep the share price down for the benefits of the highly invested parties that they represent. In this case possible accumulation at low prices.

I am not saying that the results are bad or good. What I am saying is that we have a right to know the full results of the ramping program for which we all made an investment in. It has been four months which is more than enough time for the assays to have been reassayed and for interpretation by a geo.

I am about to make the strongest statement I have ever made on this board:

"If the current CEOs choose to JV, sell, trade, or spin off Windfall Lake to another company without first disclosing to shareholders all of the results from outstanding drilling and sampling assays, then a lawsuit will be forthcoming."

The passing of time does not cause me to forget why I originally invested in this company. It was only four months ago that the proverbial gun was put to Richard's head and the new board was instituted. The Ring of Fire holds the best potential for shareholders into the future once commodity prices return. But we are years away from seeing a penny from that area and as the economic feasibility studies show that a lot of infrastructure will be needed to get the first nickel to the smelter. The site is 100s of KM away from the nearest road and train station.

Compare that to Windfall Lake which has a smelter less than 45 KM away and a road to get the material there. Having visited the Sutter Mine and ramp in California, I can attest to the fact that a ramp is always built under the predicted strike zones. This is primarily done to allow the material that is being drilled and blasted to fall into buckets for easy transportation up the ramp. It is much easier to let tonnes of ore drop than it is to lift.

Given that the Noront web site has not updated the Windfall Lake ramp progress or shoot information since September 23, and given that a geological technical report has not been posted since June 2007, I wonder if due diligence is really being executed by the BOD in regards to this property, GIVEN THAT GOLD IS TRADING CLOSE TO $1000 US today!! Why not take a look at some more shoots. Drill into a few more zones. Over 200 holes were drilled and some showed some really excellent results. Were these complete flukes? There are a lot of companies out there trying to make a go of it with a lot less in terms of results. Why are we so different?

Paul and Joe, provide the outstanding assay results and back up your opinions as to Windfall Lake. Put the nail in the coffin already. Richard likely knows what these are so we can be assured that what is published will be what was released by the labs.

And check the price of gold every once in awhile. Not only is it high but gold can be sold instantly as everybody wants it and supply is short.

M1.