"Compared to other companies their cash reserves ($10 mil?) seems low to me although "rumours" of lots of Bay street investors have been mentioned. Not sure what that implies?"
I would'nt put much faith in something a face said on BNN, at best he had a hard time forumulatiing his speech while trying to decipher the teleprompter.
NOT Capital.
Working capital at the end of October 08 was approximately $25 million.
In December 2008, Noront's Board of Directors approved a $7.925 million exploration budget
TORONTO, Dec. 4 /CNW/ - Noront Resources Ltd. ("Noront") (TSX Venture: NOT) is pleased to announce that it has successfully closed its previously announced flow-through private placement financing. Gross proceeds of $18,870,000 were raised
Work from July through to October will focus principally on completion of approximately 10,000 metres of drilling in the Eagle One, Eagle Two, and AT12 areas at McFauld's Lake where expenditures are estimated to be in the range of $3.5 million.
Do the math. 25+18.8-7.95-3.5 = 32.375 Million +or- a few million, oh almost forgot the $600,000 from Eagle Hill for Windfall.
Using Dr. Mungalls "multiple pods connected by conduit" theory to look at the depths below Eagle One, couple that up with Hole 49's dual zone 437 meters of extension and then add in the fact that the mineralization is still, as far as we know..."OPEN AT DEPTH".
The above is calcs on cash are fact, the below is a work up looking at current drilling, rumors all in.
Now one could look at the rumor of step out drilling hitting bigtime and do a work up on tonnage, lets just say we've done a 100m step out and intersected as much or more, that would/could give a width of say..200 meters, for modelling sake lets use the 200 for length as well, so now we have a deposit thats 200 x 200 x 437 (dual zone inclusive) x 4.5 for density. 200 x 200 x 437 x 4.5 = 78,660,000 Tons
It is quite easy to understand the recent sp and volumn on NOT given that as much as I can sit and work it up as a "What if" , the MM's have most certainly been doing the same, the real "Big Money" is yet to come in.
Regards
Notster
PS. This boards alive and kicking, and so is Eagle One. For me the excitements in not knowing if the new mineralizations are pod or Conduit.
