Back in 2008, we got this...

TORONTO, ONTARIO (February 4, 2008) – Noront Resources Ltd. (“Noront”) (TSX VENTURE: “NOT”) is pleased to announce that it has received firm commitments from several investors for a private placement of 6,500,000 units of Noront for aggregate gross proceeds of $26,000,000. Each unit is priced at $4.00

Back then...."Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 118,478,582 common shares issued to date" ...that put our valuation at about $475,000,000

We also got this, soon afterwards....pursuant to a private placement completed on February 6, 2008, 2,490,001 Warrants have been exercised for aggregate gross proceeds of $12,450,005.

Now, we get this....delivery of 2,598,991 common shares of the Company (the "Interest Shares") at an effective price of $0.1507 per Interest Share...and so now..."After giving effect to the issuance of the Interest Shares, there are 409,658,719 common shares" ...which puts our valuation at about $65,000,000...that is interest on $15 million US...for one quarter.

What has changed?

Before we had...Richard Nemis, Noront’s president and chief executive officer, said: “This placement will permit Noront to accelerate the exploration

Then, this happened....TORONTO, ONTARIO--(Marketwire - Oct. 9, 2008) - Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT) announced that Rosseau Asset Management Ltd. (and certain related parties) (collectively, "Rosseau"), a hedge fund manager that, together with its officers and employees, owns or exercises control and direction over approximately 9.2% of Noront's common shares, has filed a dissident's proxy circular (the "Dissident's Circular") in which they ask Noront shareholders to vote against the re-election of the Company's current Board of Directors and instead vote to elect a new slate of directors at the upcoming annual and special meeting of Noront shareholders scheduled to be held on October 28, 2008.

Then this happened...."TORONTO, ONTARIO--(Marketwire - Oct. 27, 2008) - Noront Resources Ltd. ("Noront" or the "Company")(TSX VENTURE:NOT) and Rosseau Asset Management Ltd. ("Rosseau") are pleased to announce that they have agreed to a jointly determined single slate of directors for election at Noront's annual and special meeting of shareholders to be held on October 28, 2008 (the "Meeting"). The new board will have a strong mandate to move the Company forward in the best interests of all shareholders. Pursuant to the terms of an arrangement reached between Rosseau and Noront, the new board of directors will be comprised of the following six directors: Darren J. Blasutti, Joseph A. Hamilton, Keith McKay, Lorie Waisberg, Patrick F.N. Anderson and Paul A. Parisotto."

This is what they said then..."the new Board will be well positioned to take Noront forward into the future drawing on considerable new industry expertise. The new board will also ensure that Noront's future is pursued in a balanced manner in the interests of all shareholders."

And soon after, we got this..."the Company intends to offer by way of private placement, a maximum of 25,000,000 "flow-through" common shares at a price per share of $0.80"

And well...it's been all downhill since.