On June 29th, we received a NR containing this info:

At Eagle One, hole NOT-09-049, drilled subvertically below known

mineralization, intersected two zones of disseminated, semi-massive

and massive sulphides, one from 269.54 metres to 510.69 metres and

the other from 749.7 metres to 945.67 metres; more than tripling the

known down dip extent of the mineralization to greater than

900 metres;

Then on June 30th, before the SP really started to move, we got this info:

Noront Resources Ltd. ("Noront" or the

"Company") (TSX Venture: NOT) announces that pursuant to the Company's Stock

Option Plan and subject to any regulatory approvals, it has granted 3,865,000

Stock Options set at Cdn.$0.62

Now, this was opportunistic IMO. They knew the SP was about to rise dramatically and took this opportunity to get their options at the best possible price!

15 days after these options where given out, our SP went up dramatically from 62 cents to $3. At this point, management saw a great opportunity to raise significant money at a great price considering where we have been since. This was very opportunistic and I congratulate our management for that smart move taking advantage of market exhuberance.

Now, a few months later, our SP has fallen $1 or so and they decide to give out options at $1.84. Seeing how they have read and taken advantage of both these previous situations to max out both their previous stock option price and PP price, this may be what they now see as an opportune time to give out options at a price they believe to be the lowest they can achieve.

Let's see what our SP does in the next 15 days...hopefully history repeats itself and we will find ourselves at $3 or more.

Glorieux