Vesting was at $1.00. They have vested. I am dissapointed. I thought they had to work to get the price to $1.80. I was wrong. Here is the response:

The recent MD&A, dated January 31, 2009, states the following: "The 1,800,000 options granted to directors are exercisable, upon vesting, until November 10, 2013 and vest upon the later to occur of the following: (i) the weighted average trading price of Noront's common shares for ten consecutive trading days must exceed 120% of the increase in the S&P/TSX Venture Composite Index from the date of grant, and (ii) the weighted average closing price of Noront's common shares for ten consecutive trading days must exceed the exercise price of the options by 125%. These options have vested during the current quarter and have been expensed in the financial statements.”

This simply means that the Audit Committee of the Board of Directors has deemed that the vesting criteria has been met. to meet this criteria, the stock had to trade at $1.00 for 10 consecutive days. The stock was issued at $0.80.

I apologize for any inconvenience or confusion the wording in the MD&A may have caused. If you need to discuss the issue further please feel free to contact me directly. All the very best.

Joanne

Joanne C. Jobin