I had the chance to attend and our group was well represented. I will leave it to them to comment.

One thing that stood out for me was that Institutional ownership of Noront has gone from 54% at the August 20th luncheon to 59% at the AGM. This is a very positive, long term sign for me.

Only 2 people get to see assay results now: Jeremy Niemi and Jim Atkinson. This makes leaks much harder as in the past pretty much anyone in the office could find out what was going on with assays. Also if there is a leak, the buck stops with those 2 gentleman who are very aware of the implications of leaked results.

Had a good conversation with Paul Smenck, very nice gentleman!! We talked about the engineering challenges up there, his background-15 years at Lavalin where he was in charge when Diavik was built. It had its challenges but they were met. He has been involved in dozens of projects around the world with various challenges and they have been able to meet those challenges.

He said there is a list of about 5 ways to carry the ore out of there:

Hovercraft type transport

pipeline

road

Railway

Some other option which I forget

He said all can work if you spend enough money but they are trying to figure out which will be the cheapest to build/maintain and will leave the smallest ecological footprint.

At this point, Railway is the most expensive due to the swamp conditions (heard someone call it the great canadian SUNKEN railroad!) and will probably not be the way they go. However, if the governement gets involved and kicks in big money for a railroad, this will change how things develop.

The hovercraft he was talking about has a capicity of 900 tons or something along that amout.

The presentation I tought was professional, Wes did a good job of explaining where we are, what was accomplished in his first 100 days in office, what their goals are for the next 100 days and next 3 years.

I think those of us who like the penny stock rushes will find this Noront less and less appealing. However, those with a long term approach will probably do very well.

Glorieux