I went to the AGM today with my daughter Kaitlin.

It was happy to send some time with JVCElectric, MGB, IRISH1111.

Wes Hanson did a very good presentation. He stressed that Noront is undervalued

Here are a few comments:

- The Board of Directors has been set to 7.

New additions are Ted Bassett and Li Lin. The two BOD members leaving are Alex Davidson and Lorie Waisberg.

The Eagles nest is the first new Sulphide discovery in decades. (last significant one was Voisey Bay)

Looking at the nickel developers and Producers we see the following:

The Average developer is trading at .4X NAV (meaning .4 times net asset value)

Noront is trading at .2X NAV (a far cry from .4 NAV)

Producers on average today are trading at .7X NAV).

Noront is very undervalued. We've known that for a long time.

We have 15 million tonnes of chromite. This is valued at 125,000,000. We are on our way to doubling this. Our current market cap is LOWER than the value of the 15 million tonnes of chromite.

If we look at the cost of mining the nickel and use the copper, platinum palladium as credits against the cost we would be mining the Nickel for -.71 cents.

That's right. To repeat, we would be mining the nickel for MINUS Seventy One cents. Pay attention to the MINUS PART.

Cliffs will have 10X the volume of stuff being shipped as compared to Noront when the mines are open. Therefore, they need the NORTH-SOUTH route. It crosses 3 major rivers. This will be challenging for permits etc. The Noront route is much simpler and environmentally friendlier.

After Wes's speech, Q&A time was opened up. MGB asked if any details could be given about upcoming infrastructure. The answer was that infrastructure announcements would be made early 2012.