Hi All,

There have been a number of postings over the past few days concerned with the dissing of retail by the management team. I agree that the approach by Management since the proxy battle has been stiff-armed and aloof. While they may be a little arrogant, there have been very few executives in 100M + companies that in my experience do not have a bit of an arrogant trait in them.

Richard was a down to earth, roll up the sleeves and put on the rubber boots type of CEO who would answer the phone for everybody that took time to make a call. While this approach worked while the company had an $8M market cap and mostly retail investors, it could not have been sustained long term after the Double Eagle news broke. His responsibilties increase 500% following that strike.

We need to get over the idea that the CEOs will take the time to answer the phones or provide us updates beyond the annual meeting and the quarterly MD&As. When placed against the reflection of Richard's style, the current CEOs appear arrogant and aloof, but they seem to be doing their jobs of directing and leading the company and continuing to build the Noront resource treasure chest.

While the wounds of the proxy battle are still healing, the war is over and we must now accept the new boundaries that have been set up. One fact that gives me solace is that we, like them, have the same opportunity to buy this stock at less than the recent PP price (excluding the past 24 hours), and at much less than the PP before that with its $4 shares and $5 accelerated warrants.

I believe there are five or six large institutions who took out the last couple of private placements, and if you go back far enough, it is easy to see that their average is likely over $2 over the past three years. Yes, the same people likely make money shorting the stock and buying it up again at lower prices, but that option is also available to us when it all comes down to it.

I do not believe the playing field is as skewed as many people make it out to be. At least not at this point. If a massive dilutive PP takes place at current prices, I will change my beliefs.

The fact that the institutions are also holding the two CEOs accountable to drive value out of this company is enough for me at the moment. They are not here to lose 60% of the investment they made in Noront over the past three years. I am sure that they want to see this back to the $5 range like we do. We would likely have remained at this price if 1) the economic crisis did not happen and 2) the price of copper and nickel did not plummet 75% since last summer.

When the economy turns around Noront's SP will turn around, and likely at an exponential rate relative to TSX-V performance. Until then the best we can ask of our CEOs is to keep costs under control, drill the hell out of the area, and throw us the occastional bone once in awhile to keep up informed.

Macroeconomics will take care of the rest.

M1.