In regards to the comments of some about a speculated buy-out , I can't say I agree.

Noront to our knowledge has signed 4 confidentiality agreements with 4 majors.

Vale, Rio, Xstrata, BHP. We know this from the Richard days. How many more have been signed? That we don't know. By signing this document it prevents the company from launching a hostile takeover . Now if you are thinking willing takeover. I don't buy it. I look at the options given last year and I look at our share price. We aren't even at the stock option prices given 2009. Our current share price is ridiculously undervalued.

If anything I think there could be a buy in. Noront in their most recent M&A indicated the need to raise money for this year. They are drilling deep. I suspect the "one's that signed the confidentiality agreement", will of course see the results before us. I have a feeling someone will make a move at that point to buy in a percentage like 10%.

I remember Freewest's price being held down and then the takeover. The price went up 50% from the time Freewest was initially made aware to the release of the offer to the public. We have not seen this price movement.

My feeling is : deep drilling, show results confidentially, have buy in to follow.

IN regards to the deep drilling time frame, I wonder if Noront will continue drilling from hole 49 (from a 1100 level) rather than start from surface. If that is the case we are looking at 1100 of drilling.