Maybe I am being naive but I could care less about a new CEO under the current economic climate. The last press release was the product of our two co-ceos and was reviewed and approved by John Harvey, Jim Mungal, and Jim Atkinson who are Noront's senior management and are people who have garnered respect on this Board. The BOD have some impressive experience and expertise regarding TSX listings, merging companies, and building alliances. The ARU thing is a downer for some with one person but it appears to be a mixed feeling about that depending on when you got involved. I would love to see the assays done so far but drilling holes in the same chunk of ore to ensure continuity for a 43-101 is not going to enlighten us much. I already have it fixed in my mind that the chromite is continuous with great grades. Dangerous I know. The language of the PR leads us to believe that is so.

The share price is being kept down by market forces. It is also being kept down because of the unknowns of what you have to do to get the chromite out of the ground. Once it is out of the ground, what do we have to do to it to make it saleable, ie do we sell it as lumpy ore, do we concentrate and pelletize it? Where do we get the power to do the pelletizing? Do we smelt it and if so, where does the enormous amount of power come from and at what cost? Once we have a saleabe product, how do we get it to market? Do we build a railway, haul it out with B-train trucks? I'm not saying that to be negative, but to serious major investors, these are issues and they don't get analyzed on the back of an envelope in order to decide you want to develope the resource. The fact that current global production is at 20% capacity is not helping in terms of urgency.

I bring this up because in my opinion, these factors have far more influence in keeping our share price down than the lack of news from our BOD.There are two important facts that give me inspiration: first there is no North American supply of chromite and second this stuff is a very valuable commodity. Ferrochrome has sold for over $2.00 per lb in the recent past. We have about 750 recoverable pounds in a ton of ore. We have lots of tons but the burning question is how much will it cost to bring it to market? These questions are being analyzed by majors as we speak and I would surmise they are spending millions having credible engineering firms crunch the numbers. Cliffs has jumped in with an equity position in KWG. Others are being more subtle but when you here rumours about certain companies, they are assessing what to do with the resource. They can't afford to be like the dog who was chasing the bus and when he caught it wondered what the hell he was going to do with it.

Mike