1)An updated technical report dated April 18, 2011 by Micon is available on the Noront Website. Click on Projects tab and then on technical reports. There is some very good reading there.

(2) updated PA should be out very soon.

(3) From Last PA Sept. 9, 2010 we had 6.9 million tonnes Indicated and 4.3 million tonnes inferred

Average 3 year spot price

based on year 2008-2010 Spot price today

nickel 9.08 per LB nickel 12.07

copper 2.92 Per LB copper 4.34

platinum 1,427 Per Oz platinum 1,808

palladium 345 Per Oz palladium 759

Gold 944 Per oz gold 1,502

Sept. 9 2010 based on the 3year avg. spot price at a 6% discount rate the NPV was 540 million. That worked to about 3 buck per share. This is just for the eagles nest. Based on the current spot price that boosts us to over $4.00 per share. If you recall last Sept. Dundee didn't like the fact that Noront implied 25% to all season road, 50% to the power line and 50% to the winter road. Dundee seemed to imply that it was presumptuous to assume cost sharing. Give me a break. Gov't has shown tremendous interest to SHARE, CLIFFS and KWG and others will all share in the eventual infrastructure.

Here's the part that is mind blowing. March 4, 2011 we have an announced resource increase. Measured and indicated is 11 million tonnes, and inferred is 8.9 million tonnes.

If you go back to the original P&A and read it once again, it mentions the following:

"Opportunities to further improve the economics of the PA, include resource growth at Eagle's Nest and grade increases resulting from recent infill drilling. The Company is also encouraged that the PA demonstrates that the Eagle's Nest Ni-Cu-PGM discovery can bear the full costs of infrastructure development if necessary."

Here's my understanding. Based on current spot prices we had an eagles nest resource worth over $4.00 per share based on infrastructure sharing ,but, we have an economic deposit even if we have to bear 100% of the costs.

Then we double the deposit and announce it this year. We are not paying for the infrastructure costs a second time with the doubling. So it is worth more than double to the share price.

Next the blackbird deposit. Similar tonnage to KWG's portion of Big Daddy. Grade is slightly lower but fairly close. Now, KWG comes out with "our portion is worth $2.97 per share!" They have more than 3x the outstanding shares!. So, can I assume our blackbird is $2.97x3=$8.91? And what is not even factored in the the fact that the eagles nest has already paid for the infrastructure, so we're not paying for that again to get at the chromite.

Don't get me started on the Vanadium or AT12 or the 98% remaining land package or the fact that the eagles nest is open to depth. Based on all the above I see $20 per share. I would appreciate comments from others on this.

I'm looking forward to the updated P&A. I wish it would also have the chromite factored in.