I have just completed a review of the above and have several comments which I would like to share with other shareholders for their comments. There are two areas in particular which have drawn my attention.

(1) I am disappointed with the proposed 2011 exploration campaign. At this point in time, I see no justification for pursuing further, relatively expensive, deep drilling or fill-in drilling at the Eagle's Nest deposit. Firming up the present mineral inventory or discovery of other deep ore bodies will have, IMO, no significant positive affect on the SP......the economic analysis, vis-a-vis IRR, payback etc will not be significantly improved. Instead, I would propose that further attention and $$ be spent on other NOT holdings in the ROF. For example, further airborne geophysical surveys could be selectively flown in patterns at right angles to those previously flown......original grids would have been perpendicular to interpreted strikes, which would have made detection of conductors parallel to the flight lines extremely difficult. In addition, we have not heard of any Au exploration strategy now that we know areas of Au enrichment are present within the ROF..... could that perhaps reflect the presence of undiscovered Au camps within the ROF, similar to other greenstone belts?....geochem? structural analysis?modelling? methodologies. I think that it is time for NOT's management to reflect and demonstrate a stronger exploration image/expertise.

(2) I am concerned with the levels of compensation for Directors. 50K appears to be a steep price per Director IMO. We aren't even told how many meetings were held last year nor who attended them. I would recommend a base level of say 15K with additional fixed amounts of 2K per meeting attended (travel/accommodation expenses additional).

Respectfully submitted

geoprof