The important aspect of this diagram is that it explains Niemi's current theory that a common source of mineralization exists both for Eagle's nest and the Eagle2/tripleJ/Blackbird deposits. The diagram seems to infer that he believes that around the 1500-2000 meter depth, some sort of meeting point between these 2 sources of mineralization will be discovered.

If his theory is proven right, what will this meeting point consist of? The platinum numbers sure have climbed at the deeper levels. Will the gold from the triple J zone get richer at depth? What about the Ni and Cu? We have 2 new 2500 meter drills coming to answer this precise question!!

We have had lots of hints of the greatness about this area in the last 2 years. In the last few months we have seen a Dundee report come out and state that NOT has somewhere between 10-20 Million tons of Eagle 1a consistent mineralization now extending to 1100M. Noront themselves now state that they believe we have 10-15M tons of mineralization. I believe Noront is acting conservatively to keep flying low as long as possible.

In the BMO metals report, the estimate for 2011 metal values are:

Nickel: $8.00

Copper: $3.70

Platinum: $1800

Palladium: $525

Gold: $1150

Silver: $20

So when we look at the Eagle 1 value with these future metals prices, we have:

Now, if NOT ends up with 10 Million tons, which seems to be the minimum we are looking at, we have 6.3 billion dollars of high grade mineralization. At 15M tons, we have 9.45 billon dollars and at 20M tons, we have 12.6 Billion dollars worth of mineralization.

Our current market cap, FD is about $290M or less than 5% of our minimum value of Eagle's nest. Those of us who have been here for the last 2 years have kept screaming how undervalued we are. Well these numbers confirm this. We have a deposit that is a dream come true for underground mining. With Cliff's now at least paying part of the infrastructure costs, is there anyone here who does not believe this will not get mined!

In the beginning, we were told Eagle's nest was too small a deposit. This is now solved.

We were then told the infrastructure was too expensive. Cliff's has now dispelled that.

We are now told we will have issues with our native communities. I for one believe that this important issue will be resolved in a positive matter because too much is at stake for everyone: Noront, Cliff's, provincial and federal governement, investors, and the native communities themselves.

IMO, we are at a tremendous buying opportunity point and I have taken full advantage of this low share price to by back in heavily. It may take some time to get our just reward and that reward may not be as rich as we earlier envisionned due to the dilution we have been thru. However, I cannot see us being taken out at less then $10 per share and this within the next 2 years. Noront is still qualified as a speculative investment and rightly so due to the fluctuating share price and other issues, but there is true value here that us longs will be rewarded for recogizing!

Glorieux