Notinator,

Who proposed the new slated of directors???????????? Who? If you may inflammatory comments about the previous board and then you nominate your "golden new crew" to make things all better? You better remember your words. That is my point.

This is from a previous post by Crazydik. (I hope he does not mind me reposting)

Irwin called me this morning as a follow up to my discussion witjh his proxy agent last week. At that time I posted my concern that the message of the dissidents might offend the laws of libel (the printed material) and slander (the spoken word).

We covered several points for which I sought clarification.

The first was with respect to the printed material that indicated that the current management had squandered 15 Million on Windfall. I asked him whether that was a figure in excess to the PP funds raised in December 2006, which you will recall was raised before McFaulds was an area of verified interest, and had been raised for the purpose of ramping underground to the 52 oz/ton gold core.

Irwin could not provide any specific information that additional funds had been spent by Noront on the Windfall project. He could provide no specific figures as he admitted that he had not examined, in any way, Noront's financials.

I asked him by what mechanism he would have had Noront spend this PP money on McFaulds when it had clearly been invested for the purpose of Windfall. He could not provide a response.

He did volunteer that he thought Windfall was worthless and that the entire project was a big waste of money. He quiried why Noront had not simply gone to open pit mining as opposed to the expensive route of underground ramping.

When I pointed out that there were laws and regulations in place to stop companies from simply digging a big pit in the earth, and that the permitting process (never mind the NI-43-101 requirements) to commence mining operations were rather formidable obstacles to satisfy, he mumbled something about Quebec being a friendly place to mine, and changed the subject.

We next moved on to his concern that Noront is burning through their war chest in a cavalier manner.

He spoke of how his proposed new slate of directors had considerable experience in allocating funds efficiently, and waxed enthusiatic about "appropriate committees being set up to consider expenses" based on "expert advise" as to how to spend the money best. In this vein, he said "we need a real chrome guy up there, maybe someone from South Africa!".

I asked him if he had any first hand knowledge that the moneys expended on a monthly basis were excessive or ill spent, or that the "burn rate" was in fact too high considering the actual costs of drilling etc. I wanted to know if he had done an actual cost calculation which would allow Noront to proceed at a lower cost without sacrificing results.

Irwin did not have any first hand information. His opion was entirely based on anecdotal information from unidentified sources that certain companies were able to drill for less money.

He did raise the valid (in my view) point that Noront would need to find new financing within the next few months, which he felt could be best achieved through flow through financing. He opined that none of the major sources of funding would be at all interested in investing in Noront while Richard Nemis was at the helm.

I pointed out that he himself had invested in Noront with Richard at the helm, and had done so well before the extent of the resource had been defined.

He responded that "there are no more suckers left on Bay Street".

Interesting.

I asked him his view (without considering the present market meltdown) of the value of Noront. I wanted to know how he viewed this company that he is fighting so hard to control.

His answer was candid. He feels that there is no value in Noront beyond the money in the war chest. He opined that Noront had not made any significant discovery to date. Windfall is worthless, the chrome may be worthless, there is not enough Nickle to be of interest, etc.

He opined that if he loses this take over attempt, Noront will be bankrupt in less than a year.

He is the saviour of the company. He and his team of experts.