posted on
Feb 25, 2009 07:43AM
HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: new CEO?
Hope Snug doesn't mind but here is his post after the Vancouver show.
I'm not going to try to rewrite what my Agoracom friends have presented well already with regards to the Vancouver conference. What I will do is take selected material from their posts, and comment or add some other useful material. (Often I use the pronoun "we", and this indicates that GoWest & I were working the conversation together.)
1) "The one new thing that we all heard was that they have been interviewing candidates for the position of CEO and they expect to have one hired by the end of February." Snezzer
It's obvious that the new CEO selection has a short list of candidates. And Mr. Hamilton made it clear during the workshop presentation that a new CEO will be announced hopefully before the end of February. I guess the question then is, "What will Messrs Hamilton and Parisotto being doing for Noront Resources?"
2) "....from my chat with Joe Hamilton....2 drills on Blackbird 1 & 2 for January....trying to prove up tonnage......after that 1 drill stays there and the other moves southwestish to test the several anomalies in that area. the 3 drill will move to new area called 'Grid #2'....this is the NOT property directly north of FWR 100% property....ie: adjacent and east of AT12....they have several anomalies to poke holes in up there......I'm not sure about the 4th drill, but I believe Kareema said it is on AT12." Sambone
Discussion with Joanne Jobin (IR person) of F.I.R.M. (and I believe Khareema has this in a post) confirms that there are presently only three (3) operational drills (the fourth is "quiet" at this time). Two drills at the Blackbirds and one at AT12.
3) "Windfall is dead for now. They drifted right thru the hole 100 area, it came in one side and out the other. there was gold there ,but nothing they could immediately take to the bank. It will take a lot of drilling to prove something up, and it is possible, but not in the present environment. There are limited funds in the bank and they have be careful where they spend them." Khareema
Joanne Jobin referred to Windfall as a "jewellry box" - gold but here, there, everywhere. The basic issue is that many drill holes would be needed to assess the potential of this property. This translates to a lot of dollars. The better exploration dollar value will be found at McFaulds. I asked Joanne the question, "What if gold goes to $1200/oz.?" She answered basically that a reassessment would have to be done at that time.
4) "I chatted with the IR people.....I was forthright and maybe agressive in my position that the company is not presenting news as upbeat as it could. They were adamant that they can only present within the TSX &(OSC?) guidelines.....when I pushed on the thought that a TSX listing is in the works...they both vehemently denied any knowledge or info or willingness to discuss that....well fair enough, they are bound by the rules. The real question is do we read between the lines?" Sambone
Joanne Jobin is the head IR person for Noront. She has been contracted to do this work by Noront. She listens hard; she talks hard. She's obviously has got a rough job to do, but she does it well and by the book with regards to the requirements set out by Hamilton and Parisotto. She says that anyone who wants to talk Noront can call her. Her number is 416-238-7834. However, she will not deviate from what she has told Sambone and the Agoracom people attending the convention. In that regard, she is consistent. GoWest and I pushed hard on the TSX listing just like Sambone, and received the same answer. It is my feeling that since Parisotto was formerly in charge of this process at the TSX, he is even more careful to follow due process with Noront. But it is happening. And I sense that it will happen sooner than later.
5) "...as far as I know there is no drill on E1 at the moment.....the nature of the orebody is such that it 'masks or hides' what is below it...that is as far as geophiz goes....in other words the present level of geophysics cannot see past the shallow orebody. So they are going to do some deep downhole geophysics to try and get a better picture for the drills, then a drill will be allocated back to E1.....I hope I am remembering this scenario fairly correctly, but don't shoot me if I got it wrong. The feeling I got from J Hamilton was that they are going for tonnage on chromite and go chase some intriguing anomalies SW and way up E & NE of AT12." Sambone
This was interesting news - the masking caused by E1. So although the focus at present is chromite, it seems that Noront certainly hasn't forgotten about nickel. But more downhole geophysics must be done before a drill is allocated to Eagle One.
6) "... the NOT office DOES IN FACT read our posts on this forum. I had heard others say that before, but tonight I found out for sure." Snezzer
I may be wrong with this comment, but I believe Joanne Jobin's office reads the Noront Agoracom board. They filter. Any posts or comments which are not appropriate with regards to Noront Resources or persons within Noront are reported to Agoracom. But, as Snezzer reports, the posts on the Agoracom board are read.
7) "We need to continue to be respectful here, while demanding fair treatment from the the company we are invested in. With the old regime, and with all other companies using Agoracom's services, NRs were(are) released to Agoracom after 4:00 the day before the specific release so that they (George and team) would have time to prep it for release. Agoracom wasn't even told by Noront that that they had released news. They found out like the rest of us." Snezzer
Joanne Jobin's comment on this point was that their NR release policy is the same for all news dissemination parties including Agoracom. They (F.I.R.M.) are consistent in this matter.
8) "...our roundtable chat with George was enlightening....it made me think that they have been somewhat marginalized along with retail. We should not be so critical of Agoracom, they are on our side and their clients side. The client would be far better off to realize that and COMMUNICATE." Sambone
George stated that Noront (i.e., F.I.R.M.) works differently with Agoracom. All of the other Agoracom clients have a must closer relationship. But Agoracom still has the Noront relationship, and this allows the Agoracom/Noront retail investor to continue to use a route by which questions can be funnelled to Noront management. I should note that Joanne made it clear that there is another CEO presentation in the works, which will be relayed through Agoracom.
9) "Windfall will be on the back burner and they say it will be hard to prove up more anomalies without a ton of money being spent on it. In this time of scarce resources their decision to spend the money where it gets the best bang for the buck makes sense to me too. Joe Hamilton said that they have been approached to take it off our hands but not for any meaningful value, so they refused. That was very comforting to me, however he did say that they may JV it or sell it or just put it aside for now." Notie Girl
Yes, this was interesting information. Joanne Jobin stated that Noront has considered Windfall in terms of a possible JV, an outright sale, or continued "care and maintenance". I guess unless gold soars, things will stay quiet at Windfall.
10) "... noront in the meantime will probably take over some of the others in the mcfaulds, think of freewest, spider or kwg." Roos 2000
This is an interesting comment, and it may happen. But in the presentation by Mr. Hamilton, the lengthy discussions amongst the Agoracomees, our discussions with Joanne Jobin, and Mac Watson (and a personal discussion with Jim Voisin of UC Resources), I didn't sense any imminent takeover action. But it may happen.
Some final comments
a) More assays for Noront are pending and will probably be out within two weeks.
b) Something imminent will be announced with regards to Richard Nemis and a "new venture". When "Agoracom George" was asked as to whether this might involve something up at McFaulds, he answered with another question: "Does the apple fall far from the tree?"
c) My comments with regards to info gleaned about Freewest on the Freewest board.
d) I should note that when we asked Joanne Jobin about any talks with Freewest, she said "Oh we talk all the time." That was good to hear. However, when we asked Mac Watson, he seemed less forthcoming. In fact, when Noront was mentioned, he asked "Where's their booth?" This was probably at 3:00 pm in the afternoon. My sense is that if there is any discussion, it's "surface" discussion - if you get my drift.
f) I wanted to mention once again our discussions with Joanne Jobin. We emphasized in a very positive sense that absolute importance of clear and timely communications. Moreover, we also emphasize the importance of the intelligent use of Agoracom's facilities. We told Joanne (this info from "Agoracom George" that the Noront board had 78,000 unique individual "hits" in 2008. (And there are probably another 30,000 people who have been told the story who haven't gone out to Agoracom.)
The important question for Noront is, "Where in the heck else does a corporation get the same opportunity to market its story!" No where! (Hope you're reading this again, Joanne.)
g) I have an audio file of Mr. Hamilton's workshop speech, which I hope to get up on the web. It isn't great quality but it will give you a feel for what he is thinking. Clearly he knows the Noront story, but he's not a techie. Moreover, he's "slick", and I don't mean that in a negative sense. He just doesn't have the feel of the old CEO. But as Khareema (George #2) has stated elsewhere, he does give you his time. And this is positive.
Hope this has helped.
Snug
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