selkirk are you familiar with Noront Resouces

[LOR]

Post from AB

Email I'd like to share
Posted by: From_Sudbury on September 04, 2008 04:27PM

A while back I posted some questions on here. It seems traderguy123 took the liberty to forward those questions to management. They have since responded as follows:

From:
traderguy123
Subject:
Email from Noront
? prev | next ?
Message:
Hi,

I hope you don't mind but I emailed Noront your excellent questions you posted on the board on Aug 20th. Here is the response. Thoughts? Feel free to post on the board if you want of course. Explains some of the delays and seems to hint at good results. Here it is:

Good Afternoon,




We have been waiting on the following:




1) May 27 news release talked about visual copper & nickel over 24 meters in hole 40.....assays pending




There are several holes with assays pending, we announce assays once the entire hole sample series has been received, and checked for QA/QC, and if there is Cr assays greater than a certain threshold there is much additional assay work that gets completed. Noront has recently decided to release sets of holes for individual targets, as we have been criticized by many that our press releases are much too complicated. This entails waiting for about 5 or 6 complete sets of holes for each target drilled.




2) June 26 news release talked about visual gold at windfall.....assays pending




The Windfall project is an underground exploration project, where we have a series of target areas that we are heading towards via a decline. While tunneling towards the destination targets we encountered what most people would refer to as visual gold in a shear structure. The visuals as we explained in the press release were quite impressive, however the extent of the visual mineralization may be limited. These would involve a detail sampling program once the area is investigated further by a series of blast rounds along the shear structure. Once this exploration drift in the zone is completed, the zone will get mapped and sampled in detail to ascertain the continuity of the mineralization. Individual assays for selected grab samples when gold is quite visible are not normally reported as they are not considered to be representative of the mineralized structure. We would expect the assays for the samples that we posted on the website to be in the 10?s of ounces per ton, however as stated these assays would not be included in a representative sample interval for the encountered mineralized zone. The results that will eventually be released on the F17 zone will be representative assay results that may include a reference to the several occurrences of visible gold in this zone.




3) July 17 news release talked about first two holes at AT-12




As stated above on question 1, the samples selected from anomaly AT-12 announced in mid July are in the lab and will be reported upon in a timely manner, as will all other assay results.




We are now almost 3 months after 1), 2 months after 2) and 1 month after 3).




I thought we were sending our assays to a new lab which would have quick turn around. Can the company make any comment on the delays?




We are sending assays to Actlabs facility in Thunderbay Ontario for sample preparation and preliminary assay work. They provide us with initial assays within an acceptable time frame. The preliminary assays typically get overlimits on certain elements that require that we resubmit them for additional ?next level? assay, these are done at the same lab in Ancaster Ontario, the pulps are shipped by bonded carrier between the two labs. This would cause a further delay in receiving final assays for each batch. Each hole needs to receive all assays prior to it being released and each hole may have 5 or 6 batches of samples.. Once we see all of the assay certificates for an individual hole we need to wait for QA/QC results to come back from an independent reviewer. Then once we get the QA/QC confirmation we can enter the data into our sample log record and release the results. Like stated above Noront is reformatting how it releases sets of results in an effort to make our press releases easier to read.

I hope this helps you to answer the questions that you had.

 

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Friday morning thoughts from TC

Good morning. Overseas the bloodbath continues. In Asia the major indices are all down well over 2% to end the week. Investors are dumping risky stocks and moving their money into government bonds, seen as safe-haven debt. In Europe all the major indices are also down sharply. The sell off is broad based, as investors scramble to get out of equities, on intensified economic worries. The banks and mining stocks are the worse performing sectors in Europe. On the economic calendar for today we get the Average Workweek, Hourly Earnings, Nonfarm Payroll and Unemployment Rate numbers, at 8:30 this morning. The early futures numbers are pointing to another down day for the US indices. All eyes will be on the Nonfarm payroll numbers this morning, these numbers have the potential to either turn the market around and put an end to the downward slide, or accelerate the bloodbath we experienced yesterday. The current weak commodity prices, we are experiencing again this morning, doesn't bode well for the Canadian indices, to end the week.

Back in McFaulds Lake, NOT's share price just couldn't hold up as equities across the board where in sell off mode. When investors start to panic they throw the baby out with the bath water, no stock is immune to the sell offs, NOT included. On the various internet chat boards, the theme from investors, is why isn't NOT releasing all their expected news, to stop this latest carnage. I'm not sure what they are thinking, I'm glad they haven't released news into this kind of market. Because after an initial share price spike, stocks are selling off on good news anyways. Very few stocks share price, hold up when investors are in panic sell off mode, good news or "not". No pun intended.

Yesterday, I took the sell off, as an opportunity and added to my position in NOT. I sold off my position in FNC to lock in 50% profit gains and purchased NOT with the proceeds. My thoughts on this, was NOT offers less downside risk, at this time. Playing any of these speculative stocks is extremely risky, in this kind of market environment. But to me, the downside risk with NOT, is far less, than any of the other McFaulds Lake stocks. NOT has over $40 million in their bankroll currently and has no need to go into the market to raise funds for at least another year, probably longer. FNC will need to raise funds via a PP, after their current program is finished. Raising capital for junior mining stocks is getting tougher every day, the funds just aren't available. Those companies that can find the funds, will find the terms of the financings, not in their favour. The reason for bringing up the topic of financing, is to warn investors they want to look at the bottom lines of these exploration companies to make sure they are well financed. Avoid those stocks in need of financing any time soon, is my best advice. Getting caught holding the bag, for stocks that need financing, is to cause yourself unnecessary risk in the current market environment. JMHO

FNC's share price took another big hit yesterday, down over 10% for the day. Obviously investors are just in no mood to be holding speculative stocks waiting on drill results. Six months ago if FNC was drilling, the stock most likely would be sitting at 52 week highs. FNC's current share price, just shows you the sad state of the market at this time. This is the most anticipated drill program in McFaulds Lake for 2008, yet the market is offering no premium to the stocks share price. The latest update from FNC's drill program, I have heard via the rumour mill, is FNC hit sulphides in their 2nd hole. I have heard it wasn't a huge intersect, but obviously they are very close to the sweet spot, if they are pulling up sulphides, on only their 2nd hole. This at least shows you, the drilling operator is on the right tract. On the 3rd hole, they are supposedly already deeper than they originally expected they would have to go. They must be getting very close to the depth needed to find what they are looking for. Watch the share price closely today for clues on what they have found. A sudden volume spike and the direction of the share price should tell you all you need to know. If FNC has already finished drilling the 3rd hole by the time the market opens today, it could take off in either direction, letting you know what they have found. These types of drill programs have a way of getting leaked to investors and those in the know, always get a jump on the herd. I'm not sure if the drill operator plans to do any downhole geophysics on the 3rd hole before starting the 4th and final hole. One thing for sure it doesn't get any more exciting than this when a company is drilling. Certainly when only drilling 4 holes it is very risky, but the reward if they hit, makes up for the risk. JMHO

Yesterday it was reported from the latest short report, ending August 31st, there are still 317,042 shorts on FNC. Looking at the volume of shares traded since this report,there is just no way very many of these shorts could of possibly covered. If FNC hits on this drill program it could get very exciting, very fast. I have no idea what the shorts are thinking, but with the low o/s shares on this stock, they have taken a huge risk, by staying short, at this time. What do the shorts know, that the average investor doesn't, is my first thought. Then you have to look at the reality of the situation, it isn't possible for the shorters to know any more than the average Joe/Jane investor, in what FNC is going to come up with on this drill program. Perhaps the shorter's know that FNC has no cash left after this drill program is completed and will have to do a PP, if they want to continue drilling. But even this is extremely risky thinking, FNC has some very deep pocketed insiders, they could do an internal bought deal financing PP at any time. I know if I was short this stock right now, I would have trouble sleeping at night and thats an understatement, at best. Nothing would please me more than to see a short squeeze on FNC in the very near future. Those that have been long this stock for months, waiting for this drill program, deserve their just reward. Best of luck to all still long FNC at this time.

Yesterday, I was asked, if you are so excited about FNC's chances here, why did you sell your shares? Interesting story here, because my plan was to sell half and ride the rest at a low cost per share to lessen my risk. Then I got a call from Ontario Hydro, telling me they planned to shut the hydro off today from 8:30am to noon, to do planned maintenance work. So the opportunity for me to sit in front of my computer this morning, went up in smoke. They couldn't of planned this hydro outage at a worse time for me. I know if news leaks out on the 3rd hole, the share price of FNC will go ballistic, either to the upside if the news is good, or a massive selloff if the news is bad. To sit here not knowing would be a tad more than my stomach could bear. So I made the decision to sell my shares and take the 50% profit off the table. Once my hydro is restored this afternoon, if FNC's share price still hasn't moved, because no news has leaked out, or been reported, I most likely will re-enter and take a small position in FNC as a lottery ticket. After following this story for so many months, I can't believe the rotten luck of having my hydro shut down, on today of all days.

The rest of the stocks in McFaulds Lake, have for the most part been taken out behind the woodshed and given the proverbial beating this week. The current state of the market, just isn't conducive to being long speculative mining stocks. A few of the stocks have held up very well such as FWR and NRN. Perhaps this is telling us something, the stocks that remain strong through market corrections, are often the ones that take off first when the market bottoms out and returns to some degree of normalcy. The stocks in McFaulds Lake, that look very cheap to me currently are, BMK, MTX, NOT, NRN, PRB, TME and WSR. I left FNC off this list because they are a total lottery ticket, sort of play right now, its all or nothing for them. They hit, and the upside potential is unlimited, they miss and you can stick the fork in them, because the shares would then be basically worthless.

Best of luck to all McFaulds Lake investors.




Al

 

[LOR]

Casey news letter


Dear Subscriber, We?ve got a misunderstood gold elephant on sale for you this week but don?t rush out and buy willy-nilly. There are some funds among the company?s shareholders that are in trouble, so the shares should remain under pressure. More on that below. First, we want to draw your attention to an interesting and important feature of the current market. There appears to be a vicious cycle in play that simply cannot last. Because the whole resource sector is down, resource companies have not been in any great hurry to report news. Just in the last couple days, VMS, XRC, ANV, R, MAI and SWC have all had unambiguously great news and sold off. Granted, gold and silver were off sharply on those days, but even on days when that has not been the case, companies have announced major milestones, only to be greeted with a great big yawn from the market. As we?ve said, Shopping Season on Steroids. But if companies don?t report significant progress, the natural tendency is for the share price to steadily decline, simply due to shareholder boredom. And that exacerbates the Shopping Season trend. And that makes companies even less eager to report significant results, etc., etc. This can?t go on for long. The normal course of events, especially with so much work being done in the Northern Hemisphere, is for companies to basically forget about the market for the summer and focus on work in the field. Companies that were not able to cash up before the market went soft may not have been able to do that, but most have. From what we have heard, there has been a lot of important work going on this summer, especially by our well-cashed-up companies. That work will, sooner or later, deliver results to the market. Where those results are highly material, the companies simply cannot delay reporting them. VMS and XRC reporting when they did shows this clearly. With millions of dollars and thousands of meters of drilling put into the ground over the last couple months, we expect news flow to pick up considerably this month, and even more so next month. Whether the companies in general want to report or not, they will have to.We?re not accusing any of our companies of dragging their feet. We are saying that there?s been a distinct lack of news all around for months in the junior mining sector, and given the work we know has been done, that will have to change. If there?s a gush of positive new information at a time when metals prices start recovering, and maybe even soaring, the results could be very good for our shares indeed. It may not work out so rosy, of course. As per the current issue of the International Speculator, we still see the possibility of both Scenario A (gold recovers over the next quarter and so does the sector) and Scenario B (gold remains weak for the rest of the year, leading to the mother of all tax-loss seasons this November/December). The point now is that if there?s anything on your resource junior wish list, and you think Scenario A is more likely than B, you may want to load up on those shares before the companies announce their next major round of news. More on this and other topics soon, Your Casey Research Team

 

[LOR]

This was posted on agora NOT board. It looks like Dick is waiting for better market conditions before listing NOT on the TSX.

Posted by: DonnyParks on September 06, 2008 08:36PM
Hi
I met with Dick on Friday. Our conversation covered a lot. We did not talk about windfall, only Double Eagle and some JV?s.
Hard to believe what some posters have been saying today after that great talk I had with him.
In fact, I don?t believe them at all, but that is my opionon.
Myself, I take advantage at these times as I have done my DD and know were we are heading in due time.
Thanks again Dick for meeting with me
Take Care
Don

In response to: Posters Today by DonnyParks
If you had a great talk with him on friday I am amazed at how little info. you have to offer....maybe if you share more we would all know where not is headed.
sunflyer

In response to: Re: Posters Today by sunflyer
Hi Sunflyer
Yes, I could post many paragraphs on our talk. Most has been posted before.
What I like is that Eagle 2 still has drills around it and Blackbird 1. Spending $2,150,000 for a resource estimate 43-101 on them..
That in itself should tell you something.
Spending another $3,500,000 on E1 for adding to 43-101.
A lot of people are high on Eagle one (which they should be) but if you owned your own company and were getting less % nickel than E1 but more tonnage, would you be just as happy or happier?
Noront may be know more for Chromite than Nickel than Gold.
I am very happy were my money is. I am also happy to be able to add shares to my portfolio at this time.
Dick is a very nice gentleman, I suggest giving him a call sometime.
Take Care
Don

In response to: Re: Posters Today/ sunflyer by DonnyParks
Thanks for that Donny. I would be happier! Did Dick hint that the present poor climate for resource stocks on the TSX-V would be a bad time for news releases?

In response to: Re: Posters Today/ sunflyer by mike97
Hi Mike
My brother has a company that is looking to list on TSX but their advisors have said it is better to hold off due to the market conditions. This goes for NR's as well. When the time is right is the best time.
Take Care
Don

 

[LOR]

Ring of Fire Becoming BALL OF FIRE

by Virginia Heffernan - Mining Markets Sept 08 pages 13-17

"The Ring of Fire in the McFauld's Lake region of northern Ontario is becoming a great Ball of Fire as junors continue staking the centre of the ring even as investors remain on the sidelines, awaiting further results.

As Noront Resources (NOT.v) marks the first anniversary of its nickel-copper discovery at McFauld's Lake, the area under claim has expanded to cover at least 5,000 sq k.m., making the staking rush the largest in Ontario's history. The amount of money raised for exploration has reached the hundreds of millions of dollars, while the number of juniors working in the area has grown to about 40, up from 26 a month ago.

"The mining world now believes this is an area of consequence and so does the mining supply world", says Kirk McKinnon president of MacDonald Mines (BMK-V), one of the largest landholders in the region next to Noront. Suppliers (including Vancouver-based Matrix Helicopter Solutions, which is building several camps in hte Ring) don't set up shop and cultivate relationships with mining companies if there isn't a critical mass and something of consequence there."

But the mid-summer stock prices of the main players tell a different story: at the end of July 2008, Noront was down almost 60% from a 52-weeek high of $7.42; MacDonald had dropped 80% from $1.32; and Fancamp Exploration (FNC-v) had lost three quarters of its highest value.

Investors are nervous about the lack of infrastructure in the remote area, potenitally tough negotiations with First Nations over land use, and Ontario's recently annouced plan to declare a large swath of Ontario's boreal forest off limits to mining. With little news from the area to counter these uncertainties McFauld's has lost it's mojo.

Ironically, the Toronto Stock Exchange just named Noront, Macdonald and Fancamp the top three companies respectively, in the mining category of the TSXX Venture Index based on a ranking formula that includes revenue return on investment growth in market capitalization, and trading volume 2007.

THe ranking reflects the enormous investor interest that followed Noront's announcement last autumn of some of the higest grade base metal instersections since the Voisey's Bay nickel deposits were discovered in the 1990's.

Juniors could enjoy a similar levels of interest again if summer drilling programs can replicate early results, as many expect they will. At midsummer, there were eight drills operating in the region, a number that is expected to double in the coming months as more juniors mobilize drills to the area. The hit rate on drilling so far has been above 50%, an unusually high number for a grassroots play.

"We'll have 15 rigs drilling over the next month or two, but if the success rate continues, we could have 40 drills going by next year becasue every company will want a drill on their targets," says William White, president of IBK Capital, which has raised $110 million alone for the play, including $80 million for Noront. "We'll have no trouble financing it because until now we have been using hard dollars and there is still the benefit of flow-through money ahead of us".

Since there is very little outcrop in the area, explorers have had to rely on conductors identified by airborne geophysical surveys to identify drill targets. The VTEM ( Versatile Time Domain ElectoMagnetics) technology used to survey the camp is so advanced it can see through 200 metres of overburden and bedrock to acurately detect conductors that may represent metal-bearing sulphides. But the deposits tend to be small and steeply plunging, making them sometimes difficult to pinpoint.

There are three main targets volcanogenic massive sulphide (VMS)deposits rich in copper and zinc such as those outlined previous to the Noront discovery; peridotite-hosted magmatic sulphide deposits, such as Eagle One, that contain nickel, copper and platinum group metals; and chromite layers.

Lower down in the system, in the ultramafic rocks, explorers are likely to find nickel and chrome. Higher up in the system, in the volcanic rocks that define the Ring, there is a better chance of finding copper-zinc deposits.

Although none of the discoveries to date are large enough to justify a stand-alone operation in such a remote part of Canada, a growing number of them may eventually provide the critical mass to justify building a mining camp.

The best of the bunch is Noront's Eagle One copper-nickel-platinum group element deposit. An inital resource estimate for the find shows an indicated resource of 1.8 million tones grading 1.96% nickel adn 1.18% coper and inferred resource of 1.1 million tonnes. The resource includes a higher grade core of about 200,000 tonnes grading more than 6.5% nickel.

Spider Resources (SPQ-V), UC Resources(UC-V) and KWG Resources (KWG-V), have also annouced resource estimates for their massive sulphide discoveres to the northest of Eagle One. At a cutof grade of 1.5% copper, McFaulds 1 contains an estimated 279,000 tonnes grading 2.13% copper and o.58% zinc, while McFaulds 3 contains 802,000 tonnes grading 3.75% copper and 1.1% zinc.

Noront is currently investigating a second nickel-copper occurence with an intriguing chrome kicker located 2km soutwest of Eagle One. Two drills continue to intersect mineralization in a shear hosted suplhide setting at Eagle Two as well as layered chromite mineralization.

Another discovery awaiting assay results at press time is that of WSR Gold (WSR-V), Metalex Ventures (TSX-V) and Artic Star Resources (ADD-V), 45 km north of Eagle One.The Trio hit volcanogenic massive sulphides in its first hole and a subsequent hole hit 132 metres of semi-massive to near-massive copper-zinc sulphides.

But as more juniors flock to the area and more drills turn, the potential for conflict with First Nations Groups in the area is growing. There are five native communities in the area - Webique, Marten Falls, Landsdowne House, Attawapiskat and Kasabonica - and some confusion about how far the influence of each community extends.

So far, the companies involved have agreed to minimize airborne surveys and other flying operations during First Nations' wild game harvest in the spring and fall, and provide ongoing consulation. These efforts have gone a long way to smooth relations between the two groups.

"We have worked bery well witht eh companies and there has been a close dialogue with a number of them to addres our concerns and issues with respect to traditional pursuits by our members." says Chief Scott Jacob of the Webique First Nation, " we will play a major role (in the development of the camp) because we are strategically situated in the play and we are already exploring some potential opportunities."

"We've had good discussions with both Webique and Marten falls," concurs Neil Novak, vice-president of corporate and aboriginal affairs for Noront. According to Novak, Webique is proposing to provide fuel to explorers at a lower cost than what they are paying now, while Marten falls is investigating upgrading a winter trail to the community to a winter road, then extending the rad to McFauld's Lake, about 190 km further north.

But MacDonald's McKinnon says recent arrials to the area with little negotiating experience could upset the fine balance, while some of the communities are demaing too much, too early in the exploration game.

Another concern is the Ontario government's decision to protect half of Ontario's boreal forests from resource development so the trees can provide a carbon sink to fight global warming. That represents a huge area - at least 225,000 sq. km.

However, the McFauld's Lake staking - at least within its current limits - appears to fall withint he taiga, the transition zone betwen boreal forest and tundra as defined by the Ontario Ministyr of Natural Resources and therefore would unlikely be subject to the ban.

THe province remains one of the safest places to put exploration dollars. " Ontario is a really great prince to be discovering a major mining camp in terms of political risk, overall infrastructure and the expertise available for this kind of business," says IBK's White.

If a mining camp does evolve at McFauld's Lake insiders say the most likely transportation routes for concentrate would follow winter roads, then paved roads to smelters in either Sudbury (processing nickel and copper) or Timmins (Zinc) or shipped out to foreign markets through the port at Thunder Bay Ontario.

Noront has stated that the high grade core at Eagle One could be direct-shipped without processing potentialy providing enough cash flow to build a concentrator to process the lower-grade ore from the rest of the deposits and other finds.

But if economic deposits start to become a reality, major companies suche as Vale Inco, a subsidiary of Brazil's Vale (RIO-N), or Xstrata (XTA-L) may decide at some stage of the play to step in and buy out the successful explorers.

"We'll continue to be able to finance at higher prices, and eventually a major mining company will come in and buy majority interests in these juniors." says White, without missing a beat. " The infrastructure of the major companies in Sudbury and Timmins needs this kid of feed so you have a market already in place." "

 

[LOR]

Below is a side article in the Mining Markets Mag included within the current issue of Northern Miner.


Add Chromite to the McFauld?s mix page 14. Mining Markets Sept. 2008


"Ever since Noront Resources (NOT-v) discovered high grade nickel at its Double Eagle project last September, most of the speculation about the area?s mineral potential has focused on nickel copper deposits similar to those being mined at Voisey?s Bay in Labrador.

But the area?s potential to host economic chromite deposits may be equally important. In late May, Noront announced that it had discovered a thick layer of massive chromite (rock composed largely of the mineral chromite) lying about 30-50 metres beneath the Eagle Two copper-nickel deposit. The steeply dipping layer, now called ?Blackbird? One to differentiate it from the ?Eagle? nickel-copper depositis, was traced by drilling from near surface to depths of up to 400 metres at widths of up to 69 metres. One intersection returned 50 metres average 39% Cr2)3.

The find is significant because not only are the grades comparable to those being mined in South Africa?s Bushveld Complex, which holds about 70% of the world?s total chrome reserves, but the widths appear to be thicker. In the Bushweld, the majority of deposits lie in two main layers, 0.6 to 1.3 metres thick. At Blackbird One, the seams vary from a few centimeters to more than 20 metres in true thickness.

Overall, the Bushveld Complex contains more than 1 billion tones of reserves grading 42-45% Cr2O3.

The only known Canadian chromite deposits are the Bird River Sill deposits in Manitboa, which mainly occur within a 3-metre layer and are too low a grade ( 21% Cr2O3) to be considered economic.

Chromite is used to make ferrochrome used in stainless steel. It would be an understatement to say that the economics of the ferrochrome market are robust. Chrome exports to China more than doubled to almost 1 million tones in 2006 and forecasts show Chinese stainless steel demand growing by 7-10% per year to 2020. Prices have increased several fold from US. 0.63 lb in early 2006, to US 5.50 per lb. recently for extra-low carbon ferrochrome.

An important consideration when evaluating chromite deposits is the ratio of chrome to iron. Ideally, the chrome-to-iron ratio should be at least 1.5 to produce ferrochrome. At Blackbird One, chrome-to-iron ratios average 1.7 compared to about 1.9 in the Bushveld and 1.4 at Bird River."

 

[LOR]

Monday morning thoughts from TC

Good morning. Overseas the major Asian/Pacific indices were all up overnight in the 3% to 4 % range. The US rescue of Fannie and Freddie has lit a fuse under financial stocks, as fears in the credit markets eased. In Europe the major indices are also up sharply, but volatile, as many investors realize the euphoria over the US bailout probably won't last. The bailout was a bandaid solution, a temporary fix that was inevitable, but it really doesn't solve the problem. However, the banking stocks are Europe's best performing sector. The $US fell against the $Euro overnight, causing higher metal prices, which has given a boost to mining stocks. Hurricane Ike, has caused a spike in oil prices, giving energy stocks a boost in Europe also. The defensive stocks such as the drugmakers, are Europe's weakest performing sector. All and all, its a broad based rally in the overseas indices, a welcome respite after last week's bloodbath. One has to wonder, just how long the rally in the world equity markets will last, once the initial euphoria of the US bailout wanes. The early futures numbers are predicting a big rally in the US indices today, with the the DOW futures up 252 points as I type. On the economic calendar for today we have the Consumer Credit numbers at 3 pm. All eyes will be on the price of oil today, with hurricane Ike being the big story over the next few days. IF the $US stays weak today, it should be a good day for the Canadian indices, with leadership from the commodity stocks, topped off with strength in the banking stocks.

Back in McFaulds Lake, having last weeks bloodbath in commodity stocks behind us, is a sigh of relief. Actually many of the McFaulds stocks held up very well, all things considered. NOT's share price was down only $.10 for the week and the uptick in volume, was a welcome sign as the traditional slow months, of July and August, are now behind us.

On the chart for NOT, we have support at $2.29 and resistance at $2.83 to start the week. NOT needs to pop through the resistance of it's 13(MA) at $2.69, then break atop its 50(MA) at $2.88, which shouldn't be a huge problem. A clean break atop the 50(MA) and a close above $2.88, would turn the 50(MA) into support. This would convince me the downtrend has been broken and a new uptrend has finally arrived. You have to go all the way back to early April to see NOT trading and close above its 50(MA), as this is when the downtrend started. So the 50(MA) is a very important resistance point to cross atop of, if NOT is going to have legs and get it's share price righted.

Last week many where expecting news from NOT, of course with the meltdown in the equity markets, it is just as well they didn't release news, as it would probably have been lost in the bloodbath anyways. Hopefully news arrives early this week, possibly today. News from assays from the AT-12 anomoly discovery, certainly has many investors that follow NOT very excited. Any assay news that includes nickel over the 2% mark, should give NOT's share price a very nice pop, is my opinion on AT-12. The rumour mill had the 4th hole drilled at AT-12 coming up with core samples that looked like Hole #5 from the Eagle One discovery. Any assay values that come back, anything remotely close to the kind of numbers we seen from Hole #5 and we would see the kind of euphoria we had last year at this time, with NOT's share price. It is very doubtful we ever see those kinds of assay values again in McFaulds Lake, so best to contain the enthusiasm of any thoughts like that. That has always been the one problem I have seen for NOT, they raised the bar pretty high with the Eagle One discovery assay values.

Also last week, I heard rumblings that NOT may have another discovery from one of their drill programs. I still have no confirmation that this rumour is indeed fact, but perhaps we will get an update if we get news from NOT, on one of their expected news releases this week. With so much on its plate right now, there are so many variables of possible news releases from NOT. Even in a weak market for junior mining stocks, it is my opinion that NOT is one of the most undervalued stocks on the TSX-v currently. At some point Bay St will wake up and put a valuation on the chrome discoveries of NOT. From the assay values and the huge intercepts already reported, it is obvious when comparing NOT's numbers with mines already in production, that these chrome discoveries are world class. It is hard for me to understand why NOT is getting no valuation for these kinds of chrome numbers, perhaps Bay St needs a 43-101 to become believers. Whatever the reason, when Bay St finally does wake up, the current share price of NOT, will look like the bargain of the decade. JMHO

FNC took a big hit to its share price last week, from the market meltdown. FNC was down over 22% as investors were in no mood for speculative stocks, with drill programs. Hole #3 should now be finished and the last hole should be underway by now. It is expected that the 4 hole drilling program will be completed sometime this week. It will most likely be early next week, before Peter Smith goes over all the data and releases a visual update, via a news release. Watch the share price closely today for possible hints on what they found in the 3rd hole. These things have a way of getting leaked and somebody in the know will get an early jump on the majority of the retail investors. With over 300k of shorts still on FNC, it could get real interesting fast, if they found something of significance over the weekend. I also wouldn't be surprised to see a share price flush, early this week. At some point the shorts will want to cover, so expect some manipulation and high volume from the pro's, on the downside. The shorters know that without a news update from FNC, they can take this low volume trader and do what they want with it. With some accelerated selling they can have the retail investors in panic mode pretty fast. If this does happen, it could create some bargain shopping for those with dry powder waiting for the opportunity. However, FNC still needs to find something of significance, or the bargain basement share prices from a flush, could get a whole lot cheaper if FNC misses on this drill program. At this point FNC is nothing more than a lottery ticket, so don't risk more money on this stock than you are prepared to lose, is my best advice. The risks are high but the rewards are even higher, if FNC finds the motherlode, like many are predicting. Best of luck to everyone still in this play.

MTX/WSR, could this finally be the week for the assays from this play? We have an interesting situation here, WSR has their AGM on Wednesday, this week in Toronto. So I would assume, if there was an ideal time to release assays, it would be just before their AGM. Remember, WSR hit a huge intersect of 131.9 M of Semi-Massive to Near-Massive Sulphides in June. They had visuals of copper and other base metals in the core samples. So there is definite possibilities that WSR could come up big, on their assays. The risk/reward looks very good for those looking for a lottery ticket. Also it should be noted if WSR does come up with something of significance, the area plays with the most to gain would be BMK, DSP, MKR and TME.

It appears at this time, the above mentioned stocks are the the ones most likely to be in play this week. All investors have their eyes on these plays, to give the other stocks in McFaulds a boost in their share prices. With millions of dollars being spent on numerous drill programs as I type, it is my opinion McFaulds Lake will be back on investors radar screens very shortly, possibly as soon as today. Often it is said that finding a discovery of significance in such a vast area like McFaulds Lake, is like finding a needle in a haystack. All we would need is for one of these drilling programs to come up with a pin made of gold, to blow the lid off of these plays. Stay tuned, this could get exciting real fast. So many rumours out there right now. But a gold pin? ...hmmmmm

Best of luck to all McFaulds Lake investors.





Al

 

[LOR]

Noront Management conversation...
Posted by: Canseco on September 08, 2008 03:30PM

I asked, "How good is our Chromite discovery?"




Answer, "Exceptional". Why? The thickness of the intercepts. The grades are equal to, or, superior to, the deposits currently being mined world wide. Many of the others "pale in comparison". The Chrome to iron ratio is superior as well. The overall size of the deposit is large and growing as they continue to drill. They are now down to 700 metres and still in Chrome, and sulphides. This lends credence to Roos 2000's comment today,

"also double eagle II being a monster on lower grades came from a good source."




Something that I had not heard before, is that Noront is finding the chrome to be a very useful "geological tool" to assit in tracking down the nickel/copper/pge motherlode.....hence the drilling continuing at depth.

All the above, is particularly meaningful in my opinion, due to the tone in which it was delivered, and the reputation of the speaker.

Another item is that Noront representatives are currently at the Denver Gold Conference. One of the reasons they are there, is because they were asked to attend, by a group they encountered on the summer road trip.




Holding with confidence, Canseco

 

[LOR]

FNC IS HALTED, NEWS PENDING. HOPEFULLY GOOD VISUAL FROM THEIR DRILLING PROGRAM, my fingers are crossed!

Tuesday morning thoughts from TC


Good morning, what a difference a day makes. After yesterdays exuberance on the major Asian indices, due to the weekend takeover by the US Fed, of Fannie Mae and Freddie Mac, investors woke up to the stark realization, it may have addressed some of the issues of the financial crisis, but is was far from solving it. Today was back to reality for the major Asian indices and the fears and uncertainties of the global economy once again have financial and exporter stocks under selling pressure. The losses are around the 1.5% mark for the Asian indices. In Europe the major indices are rallying as a sharp decline in oil prices is easing inflationary concerns and lifting market sentiment. Banking stocks are still in rally mode in Europe extending yesterdays gains. A strange development is occurring, as European investors are buying financial stocks and Asian investors are selling them, all on the same data. On the economic calendar for today we get the Pending Home Sales and Wholesale Inventories numbers at 10am. The early futures numbers are pointing to a positive opening for the US indices. With commodity prices still under selling pressure due to the stronger $US, it looks like another down day for the Canadian indices.

In McFaulds Lake yesterday, it was a terrible day for NOT, as investors continued to sell off mining stocks. NOT's share price was down over 13%, on the heaviest volume in over a month. The selloff of the TSX-v exchange stocks continued yesterday, as many stocks broke through their support levels and NOT couldn't buck the trend. The support and resistance levels for NOT are now at the widest spread in recent memory. NOT now has support at $1.90 and resistance at $2.88. NOT is now close to putting in a double bottom from July's share price swoon at $2.11. A break below $2.11 has the stock in danger of breaking below the all important $2 mark. It is painfully obvious NOT needs some good news and needs it fast. No longer can it afford to wait for the market in general to turn around, before giving investors some of the good news, many investors suspect NOT has been sitting on, over the slow summer months. As investors abandon anything trading on the TSX-v exchange, the merits of graduating to the TSX should be painfully obvious to Nemis here shortly. With the 43-101 now completed on the Eagle One deposit, all the criteria for graduating to the TSX have been accomplished. I think the time for hand sitting by NOT management on this issue is over, lets get this done Nemis, the sooner the better.

Hopefully we get some long overdue news from NOT today. It is time to forget about only releasing news into market strength, as it appears the Canadian indices are headed for another down day because of weaker commodity prices. Yesterday we received several reports that NOT has discovered some visual gold in their core samples, from their drilling on the anomoly bordering the UC claims. NOT has discovered every other precious metal in their McFaulds Lake drilling programs, so this one should come as no surprise. This could be one of the issues that has investors so confused in McFaulds Lake, there is no continuity in some of these drill results. They are finding rich pods of mineralization, one with PGE's, another with nickel, another with chrome and now we are hearing rumours of a gold discovery. Perhaps it would be better if they just discovered one kind of mineralization, then investors could comes to grips and put a valuation to these pods. Each metal requires different methods to process the ore, just talking out loud here, but I wonder what this does to infrastructure costs, when some of these metals are mined and processed? However, if you get enough billions of dollars worth of ore, I suppose it becomes irrelevant.

I look at all these discoveries by NOT in McFaulds Lake and however I add them up, I see one important thing. We are getting into the billions of dollars worth of valuable dirt in the ground here. Slowly all doubt is being removed, that this is going to turn into one of Canada's largest mining camps. In fact the chrome discovered is apparently a world class discovery, the intercepts and high grades of this chrome, are much higher than most, if not all, producing mines currently in operation.

Then we move onto the nickel that NOT has discovered. The Eagle One deposit already has a 43-101 done, which shows this extremely high grade discovery, is worth somewhere around the $2 billion mark. Some have stated this alone is not enough to warrant a mine, which possibly makes sense. However, then we find out NOT has another nickel discovery at Eagle Two, supposedly this nickel ore is not as high of a grade as Eagle One, but is much larger in tonnage. This completely blows the theory of not having enough tonnage to mine this nickel, right out of the water. JMHO

All of the above brings me to wonder, if NOT has all of these discoveries so far, with billions of dollars worth of ore in the ground. Why is the stocks share price under such selling pressure? I realize weak metal prices is causing mining stocks to sell off as of late, but as of this time, NOT is a discoverer, not a producer, so why the weak share price? It will be years before NOT every takes more than a shovelful of this high priced dirt out of the ground. This leads me to one conclusion. At the current share price, NOT is severely undervalued. The market cap valuation of NOT, to me, is ridiculously low presently. This appears to be a great opportunity to buy one of Canada's fantastic mining discovery stocks, at bargain basement prices. It should also be noted, that NOT currently has over $40 million in it's treasury, so it is well financed, for now and into the foreseeable future. JMHO

My god, reading back, I'm starting to sound like a NOT permabull.

FNC's share price was also under selling pressure yesterday, losing 6.89% of its value. The story out of FNC is the 3rd hole, is going much deeper than originally planned. They must be finding something of interest to keep drilling on this hole. Perhaps they finally reached depth last night, I suppose we will find out something on this front today. Unless we do hear something from the drilling front, I suspect the share price to go lower. I was actually surprised we didn't see another flush on FNC's share price yesterday, to afford the over 300k shorts the opportunity to cover. This story baffles me, why so many shorts still remain on a stock that the lid could blow off on, at any minute. Just imagine if they announced a massive sulphide discovery with a nice thick interval of mineralization. With such a low o/s share count this stock's share price would go ballistic. I must be missing something on this stock, because the 300k plus shorts on FNC makes no sense to me whatsoever. However, I am sure they have a plan.

WSR still hasn't released their assays from their discovery either. With their AGM on Wednesday, I'm expecting to see those assays either today, or tomorrow before the market opens. It was early June when the core samples supposedly were sent to the labs, so the timing of the assay release right before the AGM would make sense. This is one to keep your eye on, it could be very important for all the McFaulds Lake stocks, if it comes up with above average assay values.

Currently the mining stocks and the TSX-v stocks in general, are under tremendous selling pressure. Support level after support level has been broken on the TSX-v exchange. Investors are selling off these stocks in droves. At some point a bottom will be reached and we SHOULD see a bounce. However many of these junior stocks share prices have been severely damaged and may never come back. In the current economic climate, many of these stocks that require financing to keep going, will find it very difficult, if not impossible. This is becoming a dog eat dog time, for these juniors and it is quite probable only the strong will survive. Before making an investment in any of these stocks, my best advice is to do your DD. Avoid any stock that will require financing like the plague. Only invest it stocks that are well financed at this time. The TSX-v could remain in a bear market for months, if not years down the road. This is not the time to be investing in high risk stocks, as many of these stocks are nothing more than buying a lottery ticket. Yes, a few of these TSX-v stocks will probably do very well over the coming months, but the list is getting shorter and shorter, as the bear digs its ugly claws into investors mindsets and pocketbooks. Only invest money that you can afford to lose !!! JMHO

Best of luck to all McFaulds Lake investors.





Al

 

[LOR]

Wednesday morning thoughts from TC

Good morning everyone. The major Asian indices are negative once again today with China's Hang Seng losing 2.30% and the Nikkei in Japan down .44%. Asian investors are wary of being caught wrong-footed in case something surprising or positive emerges from Lehman's announcement at 7:30 this morning. In Europe, in early trading, the major indices are negative, led lower by the bank stocks. The troubles surrounding Lehman Brothers, has reignited fears over the health of the banking system. It is becoming obvious, the troubles in the banking system, are a long ways off from finding a solution. At some point, one wonders when one of these large financial institutions, will hit the proverbial brick wall and no longer be able to raise the cash to survive the global credit crisis. On the economic calendar for today, all eyes will be on the Crude Inventories numbers, released at 10:35 this morning. The early futures are pointing towards a positive opening for the US indices. The halt in the slide in commodity prices, should bode well for a rebound today in the Canadian indices, after yesterday's blood bath.

In McFaulds Lake, NOT continued its downward slide yesterday, falling over 9% on its heaviest volume in over 2 months. The talk is the hedge funds, have got caught on the wrong side of commodity prices and are being forced to liquidate to raise cash. Also as the markets continue to free fall, many investors are pulling their money out of resource mutual funds and forcing the fund managers to sell off their stocks, within the funds. As a consequence many of the resource stocks, like NOT, are being dumped into the bids, causing the stocks share prices to tumble. The more liquid the stock is, the faster the dump is. This is a sign of sector rotation, as the institutions pass off their shares to the retail players and the retail players are left holding the bag. This is not to say that sometime in the near future, the institutions won't want back into the resource sector, as it should be obvious, that lately, these institutions have been getting it wrong more than they have been getting it right. First they were on the wrong side of the financial sector and now the resource sector. At some point these funds will run out of shares, of stocks like NOT to sell and normalcy will return, is my thoughts on the current situation. In the meantime, this does create some opportunities for those investors with spare cash, to take advantage of a few excellent bargains. The institutions don't care, like the retail players, that stocks like NOT are sitting on some fantastic news. All the institutions know is they want out and they want out now.

We had an interesting development yesterday in McFaulds Lake, when we had an unexpected halt from FNC. We should be getting news this morning, before the market opens, on just what this halt was all about. One investor was telling me, that he talked to Peter Smith yesterday and the halt did indeed have something to do with the 3rd hole, that was just completed. Obviously Smith was closed lipped but there was an air of excitement in his conversation. It is hard to imagine that Peter Smith would ask the exchange to halt FNC, on anything less than stellar visual news. We do know that FNC will require funding, if they plan on drilling on anything past the scheduled 4th hole. So perhaps we will be hearing more from this front, when the visuals are released this morning. I had always wondered why Smith didn't do a PP, when the share price was much higher last winter. Of course the obvious reason would be, why do a PP and dilute your share base needlessly, before you actually need the money. Now that FNC has drilled a few holes, they should know if continued drilling is warranted. You have to admit Peter Smith is very frugal and in being so, does look after the interests of his shareholders, by not causing needless dilution. This is the reason you see FNC with an o/s share base of only 27.5 million, while other junior mining companies have hundreds of millions of shares o/s and nothing to show for it. Well done Peter Smith !!!

There is one other possibility that would surprise a few investors if it happens. Now that FNC has had a look whats under their property. Could a JV with a company like NOT perhaps make a lot of sense? I have always wondered about this happening, once Peter Smith knew for sure he was dealing from a hot hand. It could get interesting, if it does indeed happen. If FNC goes the route of doing a PP so they can continue drilling, it also opens up a couple of interesting possibilities. Would they do a bought deal financing from within, as we know Sheridan who currently owns around 20% of FNC, does have deep pockets. Obviously, a PP taken by insiders would undoubtedly be a fantastic sign for the current shareholders. Or would they do an institutional PP and get the promotion side of the PP as an added benefit? Whatever transpires today, I'm sure the current shareholders are sitting on pins and needles waiting for the expected news release this morning. Best of luck to all the shareholders of FNC today.

ADD/MTX/WSR should also be in play today. WSR holds their AGM today in Toronto. I expect to see them release the long past due assays, from their discovery sometime today. Even if the assays aren't released today, which would surprise me, the shareholders of WSR, at a minimum, will get an update. I have to admit my curiosity is piqued. That huge intersect of 131.9 M of Semi-Massive to Near-Massive Sulphides that WSR reported in the halt, way back in early June, has some obvious possibilities. This could turn out to be a biggie for the numerous area plays around WSR, "if" the assays, are as good, or better, than many are hoping for.

Don't forget to watch PRB today. If we get some good news from FNC, it opens up some possibilities for PRB shareholders. It is my thoughts that PRB's share price could/should get a boost today, from FNC's news release. If this happens, it would give a few shareholders the opportunity to exit this stock, at a better price. Once the euphoria wanes from the initial pop in the stock, those that use this opportunity to unload today, could wait it out and once the share price returns to current levels, jump back in, thus picking up a few extra shares in the transaction. Or the other possibility, is to just reduce your current cost per share. It is my understanding, that PRB won't return to the McFaulds West property, until sometime later this fall, to redrill. Of course that is if the latest VTEM survey, just recently completed, comes back with anything of importance.

It should be an exciting day for McFaulds Lake investors today. Going over the list of possibilities, we will be getting a news release from FNC, on the status of their drill program, including visuals. We should also, be getting assay results, from ADD/MTX/WSR's discovery, or at bare minimum, an udate from WSR, at their AGM. It is also entirely possible we get a news release from NOT today, from one of many possibilities. The glass of cold water that could get splashed in the faces of McFaulds Lake investors and other commodity stock investors is, we still face the possibility, that we will continue to see selling, in the resource stocks, from the various funds, that have been liquidating. I assume we should be getting close to a bottom, if not already there. But, seeing is believing, the risks are still out there. I will continue to harp to the readers of this board, to be very careful holding some of these junior commodity stocks. Make sure at a minimum, the stocks you hold are well funded. It is getting increasingly difficult for many of these junior stocks to arrange financing. The time is long past, where there is an endless supply of money available, to fund many of these companies, the warning signs are out there. Be aware of it, don't get caught bagholding some of these stocks. You could be sitting on dead money, for years down the road and many of these stocks won't afford you the liquidity, to get out anytime soon. JMHO

The TradingChief site has some very astute investors, to help, the many readers of this board, to make the kinds of decisions, that could save you thousands of dollars of your hard earned money, in these troubling times. For the cost of $20 a month, it could very well be the best money you ever spent. This site was built by one of the elite, top notched investors I have ever had the pleasure of being associated with. Take the time to ask around, from the many paying members of this site, my bet is they will tell you this was one of the wisest decisions they ever made joining the team on this site. This site makes zero dollars from your $20 a month membership fees. Every cent is put back into the site, to buy the numerous bells and whistles that make this site so unique. JMHO

Best of luck to all McFaulds Lake investors.




Al

 

[LOR]

Headline: Preliminary Results; Fancamp C-1 Drill Programme
Symbol: FNC



VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 10, 2008) - Fancamp Exploration Ltd. (TSX VENTURE:FNC): The Company wishes to report preliminary results ("visuals") from three drill holes on its McFauld's Lake Property adjoining the Noront Resources Inc. Eagle I discovery. The attached map shows the hole locations and the VTEM anomaly target, which is closely related to Noront's AT-1. The green lines represent geophysically modeled conductive slabs projected to surface.

Hole 1, drilled at 50 degrees to 270 degrees azimuth intersected serpentinized peridotite and dunite over its entire length of 303 metres, as did Hole 2 drilled at 70 degrees to 270 azimuth from the same setup. Trace amounts of pyrrhotite and pyrite were seen in Hole 2 including a metre of semi massive pyrite in a fault zone. Downhole resistivity surveys in these two holes revealed zones of low resistivity beginning at about 135 metres downhole in Hole 1 and continuing to the end of that hole, and beginning at about 135 metres downhole to the end of Hole 2 at 181 metres. Both these measurements suggest the presence of highly conductive material in the vicinity. Hole 3, drilled at 70 degrees to 90 degrees azimuth bottomed at 477 metres. Again the hole was entirely in serpentinized peridotite and dunite with trace amounts of disseminated sulphides, mainly pyrrhotite in the lower sectors of the hole. Preliminary ohm meter testing of some the core in the lower part of this hole indicates a degree of low resistivity that suggests that the peridotite dunite here is itself conductive, but just how conductive is not yet clear.

The important thing to note at this early exploration stage is that we are within the Eagle I intrusive complex and are dealing with a large, structurally controlled, north south conductive corridor some 75 metres wide and 500 metres long. The significance of this is that all of the local discoveries to date, Noront's Eagle I and II, and AT-12 occur in similar NS structural environments so that the C-1 target merits close examination. It is worth noting here also that Fancamp has a similar, as yet untested conductive north south target, located in the eastern part of the property (C-6).

Detailed study and analysis of the core will provide more information about this corridor and its potential to host massive sulphides of the Eagle 1 type.

The last hole of this programme, Hole 4, is currently being drilled from the Hole 3 setup at 50 degrees to 90 degrees azimuth to further test the conductivity zones picked up in the downhole surveys of Holes 1 and 2. Further downhole geophysics will be carried out in Hole 3 to test deeper parts of the system.

This release was prepared by Peter H. Smith PhD, P.Eng the company's qualified person on the McFauld's project.

ON BEHALF OF THE BOARD

Peter H. Smith, Ph.D., P.Eng., President

S.E.C. Exemption: 12(g)3-2(b)

NOTE: To view the map associated with this release, please click the following link: http://media3.marketwire.com/docs/fnc0910.pdf

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

 

[LOR]

Thursday morning thoughts from TC

Good morning. Overseas the major Asian indices are once again under selling pressure with the Hang Seng in China down over 3% and the Nikkei in Japan down 2%. Financial stocks are once again leading the charge down as investors dump the bank stocks and head to the safety of government bonds. Also many US investors are cutting their foreign stock holdings and bringing their money home, as they realize that the economic weakness may be worse overseas, than it is in America. This is causing the $US to spike and commodity prices to tumble. In Europe the major indices are all down around 1.5% this morning as retail and banking stocks are under selling pressure. OPEC's decision to cut back production to shore up oil prices and worries about Hurricane Ike, have put a floor under energy stocks in Europe even though the price of crude is down because of strength in the $US. On the economic calendar today we have Export Prices, Import Prices, the Initial Jobless Claims and Trade Balance numbers at 8:30 this morning. At 2 this afternoon we get the Treasury Budget numbers. The early futures numbers are currently pointing to a sharply down opening for the US indices. In Canada it is all about commodity prices, the TSX will live and die in the direction of the commodity prices.

Back in McFaulds Lake, it was another day of selloffs for NOT, with the share price down over 12% on heavier than usual volume. It just seems it's one thing after another for the reasons why NOT's share price is under selling pressure, first it was the funds selling commodity stocks and now the poor drilling results from FNC. Its obvious the shorters are having a field day as each day they have a new reason to drive the share price down further. As NOT breaks down below support level, after support level, many retail investors are throwing in the towel. Its painful when todays apparent bargain prices, just get cheaper the next day. We have resistance at $2.26 and support at $1.44 on the chart.

Personally, I went against my own rules yesterday and bought NOT at $1.71, $1.72, $1.74, $1.76 and $1.80. Usually I wait for a stock to bottom out and start to turn before taking a position. However, yesterdays buys were a long term investment for me and I will use these shares as my core position. The share price looks cheap enough for me, that I am willing to take the chance, and buy in at these levels and sit on the stock, until it rebounds. Yesterday the buzz word is where is the bottom for NOT? Well that is a tough question to answer, honestly no one really knows. But I ask myself the question, has fundamentally anything changed for NOT? Obvious answer is of course it hasn't, other than investor sentiment and the shorters having a field day, from the lack of a response from NOT management. Which brings me to the point, what has Nemis done for the share price of NOT recently? We have assay results that are months overdue and not a peep from Nemis, as his share price crumbles. We keep getting all these leaks where Nemis is telling his faithful, hold on, use patience, stop looking at the day to day share prices of NOT. Well Nemis it is show time, either put up or shut up. This god like stature some of the permabulls have given Nemis, is growing a tad thin with me. He has investors on his permabull site, that have mortgaged their houses and took positions at share prices 3 times the current share price level. The longer the share price falls, the harder it will be to get the share price back up to anywhere close, to where he was telling his faithful to buy, buy, buy. It's a hell of a lot easier to get the share price back up to $6 from the $4 level, than it is from the $1 level.

Looking back I remember all the nasty PM's and retorts to my posts, that I was receiving from the permabulls, when I was telling the investors in NOT, on Agoracom, to take some profits at the $7, $6, $5 and $4 share prices levels. No need to go into the gory details, but I do feel sorry for some investors who blindly listened to the rah, rah of some of the head permabulls. This is why, a site that only allows one sided views is very dangerous. Some people don't see the risks, when they only get one side of the story. There is no use going on and on about this, but I do hope some investors are starting to open their eyes to the reality, of why you need to listen to both sides of any story. My intent was never to be anyones saviour, just to point out that a coin has two sides. I keep hearing the share price of NOT is being manipulated and I agree it is. However, most stocks share prices are manipulated, in one way or another. NOT, is no different than any other stock trading on the TSX-v exchange. So forget about the manipulation theories and deal with the reality where NOT's share price sits, right now. JMHO

NOT desperately needs some news right now, not next week, or a month down the road, today. It is my belief Nemis has let this situation get out of control, by sitting on news, waiting for an opportune time to release it. The blood letting, needs to be stopped right now and a line drawn in the sand. How can a stock sitting on billions of dollars worth of nickel, PGE's, gold, chrome, etc etc, lets its share price fall, to having a market cap of $230 million? The Eagle One deposit alone is worth more than this valuation. When you start getting zero valuation for potentially $30 to $50 billion dollars worth of chrome, it tells me the management of NOT isn't getting the word out. No longer can we blame the weak market for resource stocks in general, as the sole reason for NOT's current share price. It is time for Nemis, to put up or shut up. JMHO

FNC, what a disaster yesterday was for Peter Smith. The share price definitely deserved the haircut it received, when you get a news release like that one. What a blood bath for shareholders as the share price fell over 50% on heavy volume. The shorter's loved it, it gave them the opportunity they were waiting for, to cover. Wouldn't it be a cruel twist of fate if Hole #4 came up with the motherlode? Stranger things have happened, but the odds are very remote at this point. Here is my take on what will happen to the share price of FNC now, unless we see a miracle and Hole #4, does come up with the goods. Now that the shorts have covered, the volume will slowly dry up. Then with a lack of buyers, the share price will do the slow bleed. Soon the liquidity will be so low, investors won't be able to get out, if they wanted to. The best type of advice you can give investors when they receive terrible news like they did yesterday, is to sell on the open, take your losses and move on. For those that still believe there is a chance that FNC may come up with the goods, it is best to let the dust settle, then buy a few shares when the share price bottoms. If Hole #4 comes up as bad as the first 3 did, you can stick the fork in FNC for a long time. The share price is virtually worthless and those that continue to hold will be sitting on dead money, with nobody to sell your shares too. Perhaps buy a few shares, months from now, if FNC ever regroups and puts together another drill program. The odds are extremely low, but my plan is to buy a few shares today on the cheap, just to take a look at what Hole #4 comes up with. But this is money I am prepared to lose, I look at this like buying a lottery ticket, nothing more, nothing less.

MTX/WSR finally released their long anticipated assay results yesterday. I thought the results were fairly good, but once again the market yawned and it just didn't care. In this weak market environment for resource stocks, coming up with assay results for zinc, just doesn't cut it. Of all metals to come up with, they had to find zinc, the weakest of all the metals. In better times, the share price would of went up with the kind of assay results WSR reported. It's sad, but right now any stock in McFaulds Lake that reports assays, is held up to the kind of standards that NOT set when they reported assays from Eagle One.

Well, after yesterdays fiasco with FNC and WSR, it is becoming very evident, buying shares of stocks in McFaulds Lake is not worth the risk. Many, including myself, were expecting good news from FNC and WSR to put the McFaulds Lake story, back on the map, so to speak with investors. It is time to be honest with ourselves and face up to the sad reality of the situation. Stick the fork into the area plays in McFaulds Lake, for the time being, is my call. In the current market environment, NOT and possibly FWR are the only stocks worth owning in McFaulds Lake and even they are extremely risky. The rest are now wantabees and not worth the risk. JMHO

Best of luck to all McFaulds Lake investors.





Al

 

[LOR]

Friday morning thoughts from TC

Good morning. Overseas on the major Asian/Pacific indices we had a strong day in Australia with the All Ordinaries index up 1.76% on strength today for commodity prices. In China the Hang Seng closed flat, but in Japan the Nikkei closed up almost 1%, with financial stocks being todays best performing sector. The news that Lehman Brothers was in talks about a possible sale, eases concerns that the US Fed would need to jump in to save yet another financial institution. The credit worries certainly don't end with Lehman being rescued, but as each troubled financial institution comes up with a survival plan, it knocks one more off the list that will need to be dealt with in the future. Once each troubled financial institution is dealt with, a bottom can be achieved, in the financial sector and normalcy can return. In Europe, the major indices are up sharply this morning, as the Lehman rescue plan is giving the banking stocks a big boost. Mining and oil stocks are rallying, as investors do some bargain shopping after the recent sharp declines in the sector. This is the "relief rally" many investors have been expecting. Hopefully todays early strength in commodity prices in Europe, carries over to the Canadian indices as well. Fatigued investors in Canada, could certainly use this welcomed respite. On the economic calendar for today we have the Core PPI, PPI, Retail Sales and Retail Sales ex-auto numbers at 8:30am. At 10am the Business Inventories and Michigan Sentiment-Preliminary numers are reported. The futures numbers are pointing to a negative start for the US indices. However, the economic calendar numbers will ultimately decide the direction of the US indices.

Back in McFaulds Lake, NOT finally appeared to have found a temporary bottom yesterday, as the blood letting stopped and the share price was up almost 3% for the day. The chart indicators for NOT have turned up, from oversold territory, for today we have support at $1.55 and $2.07 is the resistance. NOT needs a rally to $2.47 to get atop its 13(MA), this will be the major resistance level, that most likely would require news to achieve. It would take a close above the 50(MA) at $2.79, for confirmation that the downtrend that started in late March, is finally behind us. It is painfully obvious NOT has a long ways to go, to gets its share price righted. It is hard to believe after spending millions of dollars on exploration, with numerous exciting discoveries along the way, the share price of NOT has fallen back to levels below, what they were one year ago. This just goes to show you, the sad state that junior resource stocks find themselves at, in this current market environment. NOT finds itself with billions of dollars worth of proven mineable resources discovered over the last year and a share price below where it was at one year ago. This is one of the main reasons I have been pounding the table lately, telling readers of this board that the current share price of NOT, appears severely undervalued to me. Of course it doesn't matter what I believe, it is all about the valuation the market gives to NOT's share price. For NOT to have a current market cap of $237 million and potentially $30 to $50 billion dollars worth of just chrome, (forgetting about all the other discovery assets), it shows me, just how far the market is out of whack at this time. JMHO

Hopefully, with the expected market recovery, over the short term at least, Nemis takes this opportunity to release some of this pent up news we have been hearing about. Getting some assay news from AT-12 or at least some news from the visual front, would go along ways to getting NOT's share price back on track. If the news from AT-12 is anything remotely close to the rumours I have heard about this discovery, shareholders will be in for a welcomed surprise to NOT's share price, to the upside. The rumours have been saying they have pulled up core samples from this discovery, that appear to look like the Eagle One core samples. Obviously no one should expect the kind of assay values NOT received from the Eagle One deposit. Those kind of numbers are once in a lifetime discoveries, in fact they were the richest I have ever seen. However, if AT-12 can show assay values with anything over 2% nickel, the market should respond favourably.

Other possibilities for NOT news releases, could be assay news from the chrome discoveries at Blackbird One and Two. Nemis was quoted long ago, that a rough estimate by him, was the value of the chrome discovery from Blackbird One was at least $15 billion. Since that time the drilling programs have discovered Blackbird Two and my guess would be there have been additional discoveries of chrome at some of the other anomolies that have been drilled since. For some reason the market isn't giving NOT any valuation towards their market cap from these discoveries. We are talking about, what some are estimating to be, in the vicinity, of at least $30 billion for the chrome that has been discovered so far, some astounding numbers to say the least. The chrome intercepts and the assay values, reported so far, have shown NOT's chrome to be a world class discovery. In fact, the current producing chrome mines in South Africa and Finland have much smaller intercepts and the assay values that NOT has reported so far, are superior. At some point you have to believe, the market will give NOT some sort of valuation for this world class discovery. When it does, the share price will look awfully cheap at current share price levels. JMHO

We have already heard from NOT, a little bit about Eagle Two also. The nickel assay values are not nearly as high as the Eagle One values, so far, but we should be receiving assays, at any time from core samples currently in the lab. The important fact here is, this will add to the tonnage, of the already reported 43-101 of the Eagle One discovery. I am not sure at what stage the drilling program is at, on this discovery. However, getting some additional assays reported and hearing how close we are to receiving a 43-101 on this discovery, would obviously be the kind of news that would add to NOT's current market cap. I look forward to hearing more about Eagle Two.

Lets talk about some of the rumours making the circuit these days. A word of caution here, these are just rumours and as such, lets treat them that way. Without official confirmation from NOT, rumours are a long ways from being fact. However, some of these rumours come from very good sources, so listing them does very little harm, as long as all realize, they are nothing more than just RUMOURS. It is rumoured, at the AT-5 anomoly, they have hit something of significance. We have not heard one peep from NOT, about this rumour, as of yet. Another rumour making the rounds, is NOT pulled up visual gold, in a core sample, from the drilling program, somewhere in the vicinity of the UC property claims. In fact the visual gold rumour I have heard from several sources. There we have it, two big rumours, we will come back to these rumours, at a later date, to see just how good some of our sources really are.

Yesterday FNC's share price, was once again under selling pressure. The volume dropped off from Wednesday's bloodbath, but was still far above normal. The drilling of Hole #4 should now be complete, so we may want to keep a close watch on the share price today. Hole #4 is FNC's last chance on this program to come up with something of significance. If by some miracle FNC does hit, we should see it in the share price at the open today. If we see further share price losses today, you can stick the fork into this stock. What I expect to happen with this stock if Hole #4 proves to be another miss is this. We will see a further share price haircut today, but on lesser volume. Then starting next week the volume will drop off a little more each day. The share price will do the slow bleed, a little more each day. Finally the stock will get down to such low volume, there will be very few bids, the liquidity will dry up, to such extremely low levels, that investors will not be able to get out, if they wanted to, there will just be no buyers, other than at ridiculously low share prices. Those that are left in will be bagholders, until a further announcement of a drilling program is announced. Which could be months, or years, at the speed Peter Smith travels.

The wildcard with FNC, is they announce that Hole #4 hit something of significance. The odds of this happening are very low, but stranger things have indeed happened, in the mining world. If this were to happen, by some outside chance, disregard all stated from above and watch the fireworks. The share price would go ballistic and the ones that bought into the lottery ticket at yesterdays prices would have their payday. I never bought any shares myself yesterday in this lottery ticket, but nothing would make me any happier, for those that are still holding shares in this stock. Best of luck to all the holders of tickets in this lottery. At one time I predicted that FNC's drilling program would be the mining stock of 2008 in McFaulds Lake. I should know by the close today, if I should be prepared to digest a platter of humble crow.

Yesterday the share price of NRN had a good day, at least the share price was up. The volume was very low, so I wouldn't read a whole lot into the closing price. However I did notice a couple of investors in the Trading Chief chat room, talking about a telephone conversation they had with NRN. I would really appreciate it, if anyone that did talk to management yesterday, would post what they found out from the conversation.

You may have noticed how most of todays morning thoughts are all about NOT today. That is because, currently I believe there is not much else to talk about in McFaulds Lake. Once again NOT has shown their complete dominance as the major player in McFaulds Lake. The rest of the McFaulds Lake area play stocks, all depend on NOT, to keep the dream alive. JMHO

Best of luck to all McFaulds Lake investors.




Al

 

[LOR]

3 post of interest on NOT from AB

Neil Novak...Part 1
Posted by: Canseco on September 10, 2008 11:53AM

Noront won't comment directly on FNC's results, or prospects.

They will comment again on our AT1(just west of FNC's C1) results. They had established that there were conductors present, but after drilling they decided that the cause of the conductivity was either very deep, or the result of veinlets of serpentinite, and magnetite, in a very wet environment. Based on these results, they decided to move to other areas, but could return in the future. It appears that FNC has found the same.


NN...part 2
Posted by: Canseco on September 10, 2008 12:24PM

There will be a news release in the next few days providing an extensive update on the Eagles, and drill results received to date. They will explain what has been done, and what they are working on.

Also they will comment on the Blackbirds.

The lack of news over the last month or so, is the result of a change in the way they will report to the market. NN was away most of August, as we know. He met with a number of institutional investors, and they told him the chromite was too complicated for even them. Noront's financial advisors have told them that they need to simplify their explanations of the chrome, and separate the discussions from the news and discussions of the nickel/copper/pge deposits.

Noront's new website, launched yesterday, attempts to make the separation between the Eagles, and the Blackbirds, and further explain the potential of the chrome.

Neil went on to explain that E2 and BB1 are genetically linked (as mentioned in my post the other day, this is very important to know as they track down the magma chamber).

Neil then mentioned, with confidence and conviction and a hint of excitement (my impression) that our Blackbirds have grades that "far exceed" the Kemi mine, and most of the others as well. He said we have "tremendous widths", and when you consider the size we have encountered so far, and put that together with the other chrome finds nearby (SPQ etc.) you realize how big the chrome discovery is. It is "very, very large".

So, the retail investor does not understand the significance of chrome discoveries, neither does the institutional investor, but rest assured that the big miners do. While this complicated mineral may delay our eventual bonanza, it will come.


Holding with confidence (actually picked up a few more).......Canseco



Posted by: Canseco on September 12, 2008 03:34PM

After my recent post regarding my conversation with Neil Novak, I received details, from several of the well respected posters on this board, regarding their conversations with the office. With their permission, I am posting them in point form..............




-they have turned down several offers at much higher prices


-on E2 they are down past 700m and have been hitting nickel all the way down. They are tracking the "Big Pools"


-Not looking to partner at low prices right now since they feel they have enough cash to firm things up further


-currently talking with Xstrata and Vale who can't believe the widths and grades that we are currently hitting. Very interested in the chrome.


-Going up north to talk to the native reserves and the government about starting the permitting process for the Double Eagle project.

- they are definitely in the pre-production phase.


-Also negotiating about infrastructure with natives and gov. So far things are progressing along nicely.


-they are on target to get down to the 100 zone at Windfall by the end of Sept.


-they are extremely excited about the WSR hit that was released the other day.

*****************

Based on what NN told me, I will be surprised if we don't have an extensive NR by Tuesday morning (maybe Monday)




GLTA,......Holding with confidence........Canseco

 

[LOR]

Monday morning thoughts from TC

Good morning. On the overseas markets the major Asian indices of China and Japan are closed today, with the weekend turmoil in financial stocks, they are the lucky ones. In Europe, the major indices opened to a bloodbath. Investors are realizing this could be financial Armageddon, further downgrades and losses, are the risks now in the financial sector. Someone just turned the light on and investors now understand, the government can't, and won't, bail these financial institutions out any longer. Commodity stocks are also under selling pressure with falling prices in the base metals and crude. On the economic calendar for today we have the NY Empire State Index numbers at 8:30 am, followed by the the Capacity Utilization and Industrial Production numbers at 9:15 am. The early futures numbers are pointing to sharply lower opening for the US indices. Lower commodity prices does not bode well for the Canadian indices. The saving grace for the Canadian indices may be the price of gold, which is up around $10 as I type. Perhaps today is the day the markets finally capitulate and we find that bottom, so many have been predicting. If we see a sharp capitulation sell off in the markets today, followed by a rally, my bet is, we could/should, have the worse behind us. The markets could then be set up for rally mode over the next several weeks. JMHO

Back in McFaulds Lake, NOT had a good day on Friday and finally returned back over the $2 share price level. The massive selling by the funds appeared to have abated, as the volume returned to normalcy. However it may be hard pressed to hold onto those gains today, as the equity markets worldwide are in capitulation mode. The chart is showing resistance at $2.15, with support at the $1.79 level. The chart indicators have turned, and are pointing to further gains, but with the bloodbath in the world equity markets today, I doubt NOT will be able to avoid the sell offs. The problem for NOT today will be, many investors who bought last week, are now in a winning position and may take profits early, if the situation presents itself. This may be a hard day for the NOT bulls to stomach from early indications.

From all reports, we should be getting news, from NOT at some point this week. Obviously any news that was planned for early this week, will be held back, until we see some normalcy return to the world equity markets. Many are predicting assay results from the AT-12 anomoly this week. Personally this is the news I have been waiting for. If NOT can come up with assays showing the nickel content being anything around the 2% level, we should/could get quite a boost in the share price. NOT has numerous potential news releases, but my bet is they are all put on hold, until the world equity markets get over this latest flu, caused by the collapse in financial stocks. For those that are currently sitting in a losing position with their holdings in NOT, best advice is to sit on your hands and do nothing. At some point the markets will come to its senses and NOT will receive the proper valuation that it deserves. For those with cash, opportunity should once again knock today, to grab some shares on the cheap. I find solace in knowing NOT is one of the best stocks to own on the TSX-v exchange. In fact remembering back, it wasn't long ago NOT received the award for being the #1 stock on the TSX-V. When the markets return to some sort of normalcy, the best stocks, will be the first ones to bounce back. JMHO

Interesting situation concerning FNC is unfolding these days. Last week FNC was halted and released one of the most confusing news releases that I can recall in recent memory. In fact many shareholders where left shaking their heads trying to make sense of the situation. The halt was at the request of Peter Smith according to the trading halt news release. To have a halt for a news release like that one, is mind boggling to say the least. Why not finish the drill program before giving a visual release like we were told was going to happen, was my first thought. The jest of the news release appeared to say that FNC had failed miserably on its first 3 drill holes. When reading back it really doesn't say they missed, but it doesn't say they hit either. What happened was the stock sold off and sold off hard. This afforded an opportunity for the 317,042 share shorts to cover. Many including myself would love to know, just who held all those shorts during such a high profile drilling program. Obviously someone was in the know, is my take of the situation. JMHO

Now we hear, FNC rushed the core samples to the labs, and in fact there may be more in the core samples, than first was believed. The rumour mill is saying, FNC now plans to drill more holes, than the 4 we were told, was the maximum, to expect, on this drilling program. We have also heard, that FNC may be planning, to do a bought deal PP financing, so they can continue with the current drilling program. However this is still only a rumour, so treat it as such. If this indeed happens, my first thoughts would be the investors who sold off their shares in FNC last week, were given the shaft by Peter Smith and company. Perhaps the warning from a few investors, telling people to be very careful with any stock that had Pat Sheridan Sr involvement, is coming to fruition. Something smells and smells real bad if FNC does indeed announce a bought deal PP financing and we find out, that Peter Smith and Sheridan Sr are part of it. Stay tuned FNC is playing out like a soap opera.

There is no use going over some of the other stocks in McFaulds Lake right now. Obviously with the crash in world equity markets, the highly speculative stocks in the ROF have very little chance for share price advancement. In market meltdowns, the last thing on investors minds, is to be buying into speculative plays. Many of the stocks that looked very cheap last week, will look a whole lot cheaper today. For those with some spare cash, taking the opportunity too buy some of these stocks at bargain basement prices, may prove, to be the right thing to have done, in hindsight. I will say this, avoid buying any of the McFaulds Lake stocks unless you are a long term investor. The tax loss selling this year may be particularly brutal in the coming months. Also do your DD, make sure any of the stocks you buy, have a good cash position, and there will be no need for financing, any time soon. The capital pool for these stocks to arrange financing, has all but dried up, and I don't see the situation turning any time soon. Today may be very hard on the stomachs of many investors, you may want to turn off your computer and go back to bed. My best advice is don't panic, we have been through these market crashes many times before and will again in the future. From my past experiences in the market, those that panic and sell off on days like today, usually regret it a few days later. However this is only my opinion, take it for what it is worth, not much.


Best of luck to all McFaulds Lake investors, we need all the luck we can get lately.





Al

 

[LOR]

Here's a post from AB.

Great News for FWR,SPQjv, and NOT and all of ROF...
Posted by: johndefur on September 15, 2008 10:39AM

Finally confirmation of what these 3 Players have been saying for the last year +....The 10 to 14 Kms NE stretch from E1+BB1, to the end of FWR claims +, has finally been confirmed as being mineralized...for now the mineralization is composed primarily of Chromite, However, I beleive we will also get confirmation pf additional NI CU PGEs whithin abovenoted NE trending stretch...
There should be no question now that a Large and rich Chromite Deposit has been in part outlined going NE by drilling from NOT claims E1+BB1, to SPQjv and now further NE to FWR claims...special attention to "rich" This Chromite deposit appears to be one of the richest in grade and widths in the world. In addition the Chromite grades are very high indeed, as well the ratiio of Fe to Chromite is also very high indeed @ 1.75 to 2 , which would be excellent to refine into FerroChrome, which will obviiously make these deposits very profitable indeed...

So what aboout the 'E" NiCuPGEs deposits...well just as BB1+2 have been reported to be the mouth of the mineralization which responsibly "fed" the E1 NiCuPGEs deposit , so it appears to me that this new discovery by FWR, is the mouth which also 'fed" the new Ni Cu AT12...point of interest is the geographic position of E! which is NE of BB1, and the AT12, which is also NE of this new FWR find....I have pointed out to NN of SPQ, that a similar association between SPQ Chromite "hits" in a Norhern anomaly similar to E1 and AT12, which is 90% in SPQ jv claims....

As I mentioned on several occasions in the past these 3 ROF players , NOT. FWR, SPQjv will eventually merge in some way at some point , in order to facilitate a sale of these deposits...and let's not forget SPQjv 10 VMS CuZn deposits/occurences still to be drilled out...

Said 14 kms stretch is a "HOT" spot indeed, and I suspect they will find more Chromite and NiCu Pges deposits, DEEPER....Although the "markets" may not react right away, because of this terrible financials enviroment, In my view GOLD will soon lead the way UP for all these Metals, as the US$ collapses for real...

Good luck to all who hung in here at the ROF...

IMCO

JD*

 

[LOR]

Posted on AB, by: coswil on September 15, 2008 01:22PM

comparison to kemi is not giving NoT's chrome deposit justice. Considering JD 's post 14 km he is suggesting that this mineralization runs and huge widths and high grades, I used a in situ of 10 % and 3 % to value stock price potential .

The following are quotes from MD&A and 43 101 . This is not a 'dream ' drummed up in my head . Noront's management has repeatedly alluded to Kemi as a representative of Noront's chrome deposit. Kemi has 60 million tonnes. The aug slide show presentation on the Noront site states on page 19 $1890 is the value of "CONTAINED METAL VALUE. The sale of chrome only is

40% Cr2O3 would sell for $600 per tonne exports.


The contained metal value (high carbon 65% Ferrochrome) in a tonne of 40% Cr2O3 ore is $1890 ($2.05/lb Q3)

Considering comparison to Kemi 60 miilion tonnes and $1890 per tonne dividing by fully diluted share amount is not "IRRESPONSIBLE" There is enough evedence and communication from Noront management to justify this analysis. I suggest it is irresponsible some who try ti minimize posts by making allegation without their own proper due dilegence to back it up . It is clear that NOT feels this is a world class find. They have given us enough numbers and direction AND IT IS ACCEPTED BY THE SEC and they would not allow such statements to be made on the 43 101 and news releases if they were not accurate. You know this as well.






from 43 101


A geophysical anomaly known to correspond to the presence of massive chromitite persists for more than one kilometre along strike from the Blackbird One Deposit indicating that the potential exists for a multimillion ton resource comparable in size to the Kemi, Sukinda Valley, or Ipueira-Medrados Deposits


Kemi 60 million tonnes

Sukinda 28 million tonnes

Ipveira 30 million tonnes






We have just found that the mineralization has a trail distance of 14 km according to JD's due dilegence


MD&A page12

The Kemi Mine is the best described of these similar deposits

Ore reserves in January 2006 were 41.1 million tonnes grading 24.5% Cr2O3 with Inferred Resources of 86.1million tonnes at 29% Cr2O3. Average mine production is running at 26% Cr2O3 with the Cr/Fe elemental weight percent ratio at 1.53. These grades are significantly lower than what has been found at Blackbird One.



Grades at Noront?s Blackbird One compare favorably with those of the world's most important global chromite producers. The Noront deposit is the latest example of the Kemi Deposit type,

Blackbird One combined with the geophysical anomaly known as Blackbird Two indicate that the presence of massive chromite persists in the area and additional high gravity targets indicate that the potential exists for a multimillion ton resource comparable in size to the Kemi, Sukinda Valley, or Ipueria-Medrados Deposits

Looking to the future, Novak says, ?The majors would like to come in here and make this a mining camp. That?s their style.? He adds: ?We?re listening to everybody, and we?re talking to all the majors. And we didn?t go to them, they came to us.?


We have say 60 million tonne at 40% cr2o3 per tonne at price of $1890.00 per tonne

60,000,000 cr2o3/tonne x $1890.00 = $113,400,000,000

If we gave a discount say a worth of10% of total it would be 11,340,000,000 divided by 132,800,000 fully dilluted shares = $85.39 per share for the chromite.

If reduced it even to 3% would be $25.60 per share just for the chromit so far found.

 

[LOR]

NEWS - Noront Announces Initial Nickel-PGE Results at Anomaly AT12 Provides Update on Other Double Eagle Drilling Projects
Posted by: AGORACOM on September 15, 2008 03:19PM

TORONTO, ONTARIO - (Sept. 15, 2008) - Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT) wishes to present the following update on its exploration activities in the McFaulds Lake area of northern Ontario in the James Bay Lowlands.

EXPLORATION HIGHLIGHTS

1) The first assay results from Hole NOT-08-2G1 at anomaly AT12 include the intersection of three zones of nickel mineralization including 0.89% Ni, 0.35% Cu and 1.36 g/t Pd over 6 meters. Drilling continues on this anomaly.

2) Latest drilling at Eagle Two continued to probe deeper and delineate copper-nickel mineralization in a shear hosted sulphide setting (Eagle Two SHS Occurrence) now delineated down to a vertical depth of 400 meters along a strike length of 150 meters. Hole NOT-08-1G32 encountered 2.86% Ni, 0.56% Cu, and 0.15 g/t Pd over 3.6 meters.

The anomaly drilling program on our Double Eagle Project continues with one drill testing the chrome potential of Blackbird Two, located approximately 1 kilometre east of Blackbird One (chrome component of AT2 anomaly). A second drill continues to test anomaly AT12, while the third drill has been moved to continue the depth and strike extension potential south of the Eagle One Magmatic Massive Sulphide Deposit. Recall that the AT2 airborne anomaly consists of copper-nickel sulphide mineralization in a Shear Hosted Sulphide ("SHS") environment referred to as "Eagle Two", as well as layered chromite mineralization in a peridotite intrusive geological environment, referred to as "Blackbird One" so as to distinguish this site from the Eagle Two deposit. Information on the Blackbird One chrome occurrence as well as other news related to the chrome potential of the area as encountered at Blackbird Two will be the subject of a separate release to be issued soon.

A fourth drill has recently been mobilized into the Ring of Fire area and is currently working on the Seafield Option property located approximately 65 kilometres to the north of the Eagle One Deposit. Seafield Resources Ltd. is earning in on this property from Noront. Noront is operator during the initial earn-in period. Other option properties are being readied for initial diamond drill programs to test airborne identified geophysical anomalies that have been upgraded to drill targets as a result of ground geophysical surveys and geological review, all within the geophysically interpreted northerly extension of the Ring of Fire Intrusive ("ROF").

The current drilling program at Eagle One South is designed to test for additional resources along strike and to depth towards the south. This program will also include additional infill drilling as needed for resource upgrading purposes. As previously announced (see press release dated July 4, 2008) the Eagle One Deposit currently hosts an indicated resource of 1.83 million tonnes averaging 1.96% nickel, 1.18% copper, 1.12 g/t Pt, 3.91 g/t Pd, as well as an inferred resource of 1.09 million tonnes averaging 2.39% nickel, 1.27% copper, 1.37 g/t Pt and 4.5 g/t Pd.

AT12 Anomaly

The AT12 airborne anomaly is located approximately 9.5 kilometers northeast of the Eagle One Deposit. Drill testing initially focused on the north end of this long, northeast-southwesterly striking strong coincident magnetic and conductive target. Eight drill holes have explored this target (the ninth is underway), however only six were completed due to problems encountered while trying to penetrate the very thick and unpredictable overburden in this particular area. The other two holes were lost in overburden. The attached table provides details of this drilling as well as observed visual mineralization where applicable. Assays for these listed holes are pending, and these results are based on visual observations only. Visual observations are estimates only and pending assay results may not confirm visual observations in whole or in part.



Location of Anomaly AT12 Drill Holes and Visually Observed Mineralization

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Easting Northing Mineralization
Hole ID UTM (m) UTM (m) Azimuth Dip Length (m) (observed)
----------------------------------------------------------------------------
95.85 - 99.58
semi-massive
NOT-08-2G1 553772 5850735 295 -50 240 po, pn, cpy
----------------------------------------------------------------------------
99.58 - 122.84
disseminated
sulphides
--------------------
122.84 - 129.5
intermittent diss
- semi mass po, pn,
cpy
--------------------
139.5 - 169.0
minor sulphides
----------------------------------------------------------------------------
147.0 - 213.0
disseminated
NOT-08-2G2 553772 5850735 295 -70 306 sulphides
----------------------------------------------------------------------------
213.0 - 242.2
intermittent diss
- semi mass po, pn,
cpy
----------------------------------------------------------------------------
no significant
NOT-08-2G3 553829 5850592 295 -50 324 mineralization
----------------------------------------------------------------------------
no significant
NOT-08-2G4 553829 5850592 295 -70 402 mineralization
----------------------------------------------------------------------------
NOT-08-2G5 553930 5850782 295 -65 37.5 no core recovered
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NOT-08-2G5A/B 553930 5850782 295 -65 36 no core recovered
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NOT-08-2G5C 553930 5850782 295 -65 44 no core recovered
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NOT-08-2G5D 553930 5850782 295 -65 33 no core recovered
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NOT-08-2G6 553632 5850913 115 -50 39 no core recovered
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NOT-08-2G6A 553632 5850913 115 -50 27 no core recovered
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no significant
NOT-08-2G7 553772 5850735 335 -50 297 mineralization
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no significant
NOT-08-2G8 553978 5850640 295 -50 441 mineralization
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NOT-08-2G9 5530990 5850520 295 -45 current
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The widths contained in the above table are not true widths as insufficient drilling has been completed on this occurrence to determine true widths.

Recently received assays from AT12

Assay results have recently been received for hole NOT-08-1G1. Three separate zones of nickel mineralization were encountered, along with minor copper as well as palladium. The following table presents the results received from anomaly AT12 thus far. This mineralization is hosted by an altered peridotite. One short section of massive sulfide (0.16 meters) starting at 125.4 metre core length averaged 6.37% Ni, 3.53% Cu, 0.12g/t Pt and 13.3 g/t Pd. Drilling continues at this anomaly.


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----------------------------------------------------------------------------
Hole ID From To Interval Nickel Copper Palladium
----------------------------------------------------------------------------
(m) (m) (m) % % g/t
----------------------------------------------------------------
----------------------------------------------------------------------------
NOT-08-2G1 97.0 105.0 8.0 0.66 0.05 na
----------------------------------------------------------------
121.5 127.5 6.0 0.89 0.35 1.36
----------------------------------------------------------------
136.5 139.5 3.0 0.81 0.34 0.7
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EAGLE TWO Ni-Cu OCCURRENCE

Complete assays from the only two holes at Eagle Two that have been received since the last press release (July 17, 2008) are described below. The current drilling has continued to extend the mineralization containing visible copper-nickel sulphides to a vertical depth of 400 meters. The Eagle Two occurrence occupies a position conformable with and near the stratigraphic bottom of a wide Peridotite Sill which in turn unconformably overlies older Granodiorite basement rock. Assays are pending for the remaining holes. The interpretation of the new holes at Eagle Two confirms that the SHS zone continues to dip flatly at 50 to 60 degrees to the west and strikes north-south within the Peridotite sill or the "ROF".


Summary of Recent Drilling (since last press release, assays pending)

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Azi-
muth dip
Northing Easting Northing Easting Len- Observed
Hole ID Local Local UTM UTM deg- deg- gth Mineralization
(m) (m) (m) (m) rees rees (m)
----------------------------------------------------------------------------
NOT-08 No significant
-1G55 1025 3175 5842212 545900 0 -90 648 mineralization
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NOT-08 156.4 - 161.9
-1G56 1115 3250 5842325 545900 0 -90 867 minor py
----------------------------------------------------------------------------
163.4 - 170.9
minor py
---------------
174.3 - 178.2
minor py
----------------------------------------------------------------------------
NOT-08 189.8 - 202.2
-1G58 750 3245 5842060 546150 0 -90 546 diss po, cp, pn
----------------------------------------------------------------------------
248.5 - 250.7
short mass
chrome beds
----------------------------------------------------------------------------
296.7 - 299.4
short mass
chrome beds
----------------------------------------------------------------------------
330.5 - 371.2
several narrow
mass chrome
beds
----------------------------------------------------------------------------
370.0 - 373.8
NOT-08 veinlets cp,
-1G60 2100 6200 5842100 546200 0 -90 454.5 po, tr.pn.
----------------------------------------------------------------------------
379.0 - 382.3
veinlets cp,
po, pn,
semi-mass.
----------------------------------------------------------------------------
382.3 - 387.3
diss po, cp,
pn
----------------------------------------------------------------------------
NOT-08 441.8 - 442.2
-1G62 2137.5 6250 5842137.5 546250 0 -90 804.6 diss po, cp
----------------------------------------------------------------------------
705.0 - 713.0
diss - semi
mass chrome
---------------
713.8 - 714.3
diss po, cp,
pn
---------------
722.9 - 726.0
diss - semi
mass chrome
---------------
734.0 - 736.0
mass - semi
mass chrome
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Due to the limited number of drill hole and assay results, true widths are not yet determined for the Eagle Two Deposit. Visual observations are estimates only and pending assay results may not confirm visual observations in whole or in part.

Recently received Significant Assay Results (Eagle Two)

Assay results have recently been received for two holes that were drilled to test for nickel - copper mineralization at the Eagle Two shear hosted sulphide deposit. These holes continue to confirm the depth and size potential of this deposit. (Please note that the chrome potential for the Eagle Two Deposit is not presented here; it will be the subject of a separate release pertaining to Blackbird One.)


---------------------------------------------------------------------------
---------------------------------------------------------------------------
Hole ID From To Interval Nickel Copper Palladium
(m) (m) (m) (%) (%) g/t
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NOT-08-1G32 289.5 301.5 12.0 1.17 0.38 0.11
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including 297.0 300.6 3.6 2.86 0.56 0.15
---------------------------------------------------------------------------

---------------------------------------------------------------------------
NOT-08-1G35 382.0 387.0 5.0 1.52 0.23 0.18
---------------------------------------------------------------------------

---------------------------------------------------------------------------
NOT-08-1G36 hole abandoned
---------------------------------------------------------------------------

---------------------------------------------------------------------------
NOT-08-1G37 hole abandoned
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---------------------------------------------------------------------------
Drilling has concluded at present at Anomaly AT2. One drill continues to test the nearby Blackbird Two chrome occurrence, while the other drill that was assigned to this deposit has been moved to the Eagle One south extension. Once all assays are in, an initial resource estimate for Eagle Two will be initiated.

Other Anomaly Drilling Programs

Ground geophysical surveying is well underway at the Double Eagle project Grid 2 area, as well as other areas. Linecutting, followed by ground geophysics has commenced for the numerous options to joint venture properties that are operated by Noront around the Ring of Fire. Since January 2008, Noront staked many additional claims and continues to acquire additional land by staking and joint venture. All areas are being surveyed by Geotech Ltd's new deep penetrating airborne Time-Domain Electromagnetic ("VTEM") system over the next few months. This new helicopter mounted system has demonstrable and acceptable conductance discrimination for high conductance targets by using a low frequency (30 Hz), long on-pulse and derived B-Field. Noront has amassed over 48,600 hectares of prospective ground and is in joint venture with several other resource companies on approximately 68,000 hectares. Collectively, Noront holds interest in approximately 116,800 hectares or 1,166 square kilometers of staked land within what management believes is the most favorable exploration area. A third drill has commenced on the Double Eagle Project to test airborne anomalies, all of which have undergone further ground geophysical surveying including AT-5, AT-6, AT-7 (all on Grid One) and AT12 (first anomaly on Grid 2) all east and north of the Eagle One Deposit. Previous drilling to initially test some of these anomalies has been previously reported (July 17, 2008).

AT3 Anomaly

As reported earlier (May 27, 2008) a total of 2,621 meters were drilled in eight holes testing airborne anomaly AT3 located 4 kilometers to the southwest of Eagle One, or two kilometers west of Eagle Two. Whereas at the time of the last press release dated July 17, 2008 results from holes NOT-08-1G26 were still pending, these results have recently been received. Only anomalous (0.15 to 0.24 %) nickel values were received from this hole. No further work is currently planned at this anomaly.

AT4 Anomaly

As reported May 27, 2008, a total of 951 meters in three holes were completed to test airborne anomaly AT4 and its southwestern extension, located 5.5 kilometers southwest of Eagle One. Two of these holes encountered volcanogenic massive sulphide ("VMS") style mineralization in intermediate to felsic volcanic assemblages and the third hole was lost. The holes returned several large widths of barren sulphide mineralization in favorable volcanic rocks uncomformably overlying the ROF intrusive. Assays received from the two holes returned interesting gold values, highlighted by NOT -1G34 that encountered 11.1 g/t gold over 1.0 meters. Minor amounts of copper were also encountered by both holes. Additional review of the existing geophysical data will be undertaken on this anomaly.


Recently received assay results (AT4)

---------------------------------------------------------------------------
---------------------------------------------------------------------------
Hole ID From To Interval Copper Gold Silver
---------------------------------------------------------------------------
(m) (m) (m) (%) g/t g/t
---------------------------------------------------------------------------

---------------------------------------------------------------------------
NOT-08-1G30 394.7 395.4 0.7 0.14 9.0 3.9
---------------------------------------------------------------------------

---------------------------------------------------------------------------
NOT-08-1G33 abandoned
---------------------------------------------------------------------------

---------------------------------------------------------------------------
NOT-08-1G34 82.5 83.5 1.0 0.24 11.1 1.4
---------------------------------------------------------------------------
---------------------------------------------------------------------------


INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL

A thorough quality control program is in effect for the Double Eagle project which, has included grouping samples into batches of 35 into each of which were added 2 certified reference material standards, 2 field blanks comprised of sterile drill core, and a field duplicate. Coarse reject and pulp duplicates also form part of each batch. It can be said with confidence that all assays as reported in this Press Release have passed the strict quality control guidelines as set out by Independent Qualified Person ("IQP") Ms. Tracy Armstrong P.Geo. of P&E Mining Consultants Inc.

All samples reported upon herein were completed by Activation Labs (Actlabs) of Ancaster, Ontario. The samples submitted to Actlabs were analyzed using four acid digestion followed by ICP multi-element analysis. The Cu and Ni samples that received values greater than the maximum limit using the multi-element analysis underwent further analysis using ICP-OES. For precious metals the assay methodology was Fire Assay/ICP. For more information on assay methodology please visit the Activation Laboratories Ltd. Website at http://www.actlabs.int.com.

Drilling results in this press release have been reviewed in the field and approved for dissemination by Noront's senior management including John Harvey, P.Eng. Chief Operating Officer of Noront and Dr. Jim Mungall P.Geo., Noront's Chief Geologist, both being Qualified Persons under Canadian Securities guidelines. Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 129,493,883 shares issued to date.

Investors are invited to visit Noront's IR Hub at http://www.agoracom.com/IR/Noront where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to NOT@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updated in real time.

For Further information please visit Noront's website at: http://www.norontresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS:

R. Nemis, President and Chief Executive Officer

This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements".

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

CONTACT INFORMATION:

Noront Resources Ltd.
Neil Novak, P.Geo.
(416) 864-1456
Fax: (416)367-5444
Email: info@norontresources.com
Website: www.norontresources.com

 

[LOR]

Tuesday morning thoughts from TC

Good morning. Well it is a dreary day for the major Asian indices, as China and Japan play catch up, from having exchange holidays on Monday. Both indices are down slightly under 5% for the day. The fear gripping the Asian indices is that financial troubles at American International Group(AIG) will spread globally, so soon after Lehman Brothers filed for bankruptcy. A default by AIG could have big ramifications in the global financial system, because of the firm's diverse credit and debt derivative holdings. Asian investors are bailing out of risky investments such as commodity related funds, in doing so they have knocked the price of oil to the $92 a barrel level and are putting selling pressure on metal prices. In Europe the major indices are currently down sharply, with the FTSE in England down almost 3%. Once again, as in Asia, the fear is the status of AIG. Furthering AIG's woes, is the debt downgrade they received. Investors are like deer in the headlights, wondering what and who's next. Even gold which has been a traditional safe haven in times of financial stress, is under selling pressure, as investors are treating it as just another risky commodity investment. On the economic calendar for today, we have the Core CPI and CPI numbers at 8:30 am, followed by the Net Foreign Purchases numbers at 9 am. At 2:15 this afternoon we receive the FOMC Policy Statement and this one has the potential to be a huge market mover. Yesterday the markets had priced in a 90% chance of a 25 basis point rate cut, with some analysts speculating the Fed could even be more aggressive, and do a 50 basis point cut. The early futures numbers, are predicting another down day, for the US indices, however the Nasdaq is bucking the trend and showing some early positive numbers. Weaker commodity prices does not bode well for the Canadian indices again today. What the Canadian indices need is an aggressive rate cut by the US Fed today, to put some selling pressure on the $US and give commodity prices a badly needed boost.

Back in McFaulds Lake, as expected, NOT's share price was under selling pressure all day, because of the general market bloodbath. No sector was spared yesterday, as investors dumped everything and anything in a panic mode. NOT's share price was down just under 10% for the day. NOT did test and held support at $1.80 yesterday. For today, NOT has support at $1.70 and the resistance is at the $2.04 level. For NOT to get its share price turned around, it would need to break atop it's 13(MA) which is at $2.35, very doubtful for today, without good news.

Yesterday, late in the trading session, NOT released news of assays and visuals from several fronts in its recent drilling programs. The timing of releasing news so late in the day, was interesting to say the least, on such a terrible down day. After reading through the news release, my initial reaction was, for the most part these results were very blah and disappointing. The AT-12 anomoly results were very disappointing to me, especially after all the hype this anomoly has received. With short intervals of mineralization and nickel content just under the 1% level, its hard to get too excited from this anomoly, so far. However, NOT's decision to keep drilling on this anomoly is encouraging, perhaps the best is yet to come.

The Eagle Two assays results were very encouraging. The grades may not be as high as the Eagle One anomoly, but they are definitely nothing to sneeze at either. The drilling program is now complete at Eagle Two, with numerous assays still pending. Once all assays are in, an initial resource estimate for Eagle Two will be initiated. The mineable tonnage at Eagle Two is expected to be much larger than Eagle One, so this one should add a fair bit to NOT's market cap once the 43-101 is completed. The 43-101 on Eagle Two should put the argument that NOT doesn't have enough tonnage to support a nickel mine, to bed, once and for all. JMHO

Assay results from the AT4 anomoly drilling program, created an interesting surprise for NOT. They only drilled 3 holes total on this anomoly and one was abandoned, but the surprise was the gold values discovered from the two holes that did send core samples to the lab. Both holes discovered short intervals of gold, one returning 9 grams per ton and the other one 11 g/t. Obviously this is the anomoly that created the visual gold rumours, we have heard so much about. NOT plans to review the geophysical data and if favourable, we should be hearing more about this anomoly in the near future.

Also from yesterdays nr, I found it interesting that NOT has went back and resumed drilling at the Eagle One anomoly. NOT has previously stated this anomoly was open along stike to the south, and at depth. This drilling program will include some infill drilling, as needed for resource upgrading purposes. It will certainly be nice to receive some of those high grade assay results again, that this anomoly is now famous for. Adding additional tonnage to this high grade discovery, should add to NOT's market cap if it proves to be successful.

Saving the best for last from yesterdays news release, was the announcement by NOT of another nr shortly containing information about the Blackbird One and Two chrome occurrence. More and more investors are realizing the potential of these chrome strikes, that are slowly being announced from the numerous drill programs, by some of these companies in the ROF. At one time the mere mention of chrome was met with scorn by investors. Now investors are slowly getting educated that the chrome discoveries in McFaulds Lake are a world class discovery. Many of these huge intercepts and high grade chrome discoveries, are much better than the ones that existing mines, around the world have. The mindsets of investors in NOT should be tuned in by now, or very shortly. The chrome is now the meat in McFaulds Lake and the nickel is the icing on the cake. JMHO

FNC's share price continued it's downward spiral yesterday, losing just under 11% for the day. Several investors that took the time to phone Peter Smith yesterday, are reporting that FNC has now finished drilling hole #4 and the drilling program is being extended. Obviously Smith likes what he sees so far, even in his last nr update, he had stated that 4 holes was it and the drill crew would be moving on. Now the story from Smith is that core samples have been sent to the lab, marked with rush instructions. Also Smith claims he is working on a PP, to further extend this drill program. Something smells a little fishy with this entire scenario, but no one ever said investing in a Peter Smith company would be easy. Broken promises and now possible deceitful tactics seem to be the norm. "IF" this PP ends up being a bought deal financing with Smith and Sheridan Sr taking up the bulk of the PP more than a few eyebrows will be raised. In fact an outright shareholder revolt is probable. Stay tuned to the "Peter Smith Bends Over Investors" soap opera. Hopefully this is not the case, and everything ends up being above board, straight forward and honest. This play is far from being dead !!!

Yesterday we also got a visual update from FWR in their 100% owned anomoly drilling. FWR reported 100 metres of chrome mineralization in their 1st hole drilled. Simply amazing is stating the obvious from this visual drill hole result. It is just too bad FWR had to release this awesome discovery, on one of the worst days on record for the Canadian indices. Six months ago if FWR had reported this kind of result, the share price most likely would have done the 10 bagger in a day routine. JMHO Once again, this visual report from the very 1st hole drilled, was nothing less than stellar, amazing, fantastic, superb !!! It should bode well for the drilling program going forward. You have to believe FWR's share price will respond, if we see more of these kinds of results.

The rest of the McFaulds Lake stocks are in wait and see mode. Current market conditions are just killing these stocks share prices. However the world didn't end overnight and this market crisis shall come to pass, just like they always have. JMHO

Best of luck to all McFaulds Lake investors.



Al

 

[LOR]

Wednesday morning thoughts from TC

Good morning. What a difference a day makes. Overseas, on the major Asian indices we had a mixed performance, China's Hang Seng was down 3.63% and Japan's Nikkei was up 1.21%. In China, the fear is that the global credit crisis, could claim more victims and choke economic growth. In Japan, investors were selling off government bonds, after the US Fed announced the rescue plan of AIG. The flight from the government bonds had investors return to buying stocks, hence pushing up share prices. In Europe, the major indices opened up higher, but are now mixed with the FTSE in England turning negative. The rescue of insurer AIG, has failed to calm investors fears on the global credit crisis in England. The banking stocks in England, are all over the map, showing investor fears about the health of the financial system. On the economic calendar today we have the Building Permit and Housing start numbers at 8:30am, followed by the Crude Inventories numbers at 10:35am. The early futures numbers are pointing to another terrible opening for the US indices. The Canadian indices should do better today, if the early gains in the price of oil and gold hold up.

Back in McFaulds Lake, it was another day of selling pressure for NOT, as the stock fell almost 10% again yesterday. The continued slide in the TSX-v exchange is playing havoc with the share price, as investors sell off the risky speculative stocks. For today, NOT has support at $1.33 and resistance at the $1.95 level. Buying NOT is extremely risky, as long as it continues to trade under its MA(13) at $2.27. Personally I have been buying NOT to rebuild my LT position, but won't buy any traders, until I see some sort of confirmation that the current downtrend is over. That confirmation will be getting the share price over its MA(13) and getting some sort of support established for the stock. However, I see limited risk to the downside at current share prices. But, I was saying that when NOT was trading at $2, here it sits today at $1.65, so lots of risk playing this stock currently. The problem is, it matters not, that I think NOT is presently undervalued. It matters at what point the market perceives the stock to be cheap enough, that more buyers than sellers show up, to support the share price. Currently the fund selling continues, as apparently the institutional players are unloading their paper off to the retail investors. Many investors are having a hard time figuring out why the funds would be selling a stock, like NOT, with such strong fundamentals. The problem is when the funds are getting mass redemptions, they have no choice but to sell stocks that have liquidity, like NOT, to raise cash to cover the redemptions. This is the point where fundamentals are meaningless to the fund managers. Their backs are up against the wall. Until the redemptions stop, stocks like NOT, no matter how strong the fundamentals, will continue, to be under selling pressure. JMHO

Today, Neil Novak does a presentation in Vancouver, to give an update about the exploration activities of NOT. It was my hope, we would get a news release from NOT today to explain the chrome discoveries. Currently investors are giving the McFaulds Lake chrome discoveries, very little valuation to the market caps of these stocks. It is up to companies like NOT, to rectify this situation and get the word out. Perhaps todays presentation, is the start of that process. It has been reported NOT will do a European tour in October, to give an update on this massive chrome discovery. Looking at NOT's current share price, North American investors are obviously, having a hard time coming to grips what this chrome is all about. The intercepts and grades being reported in McFaulds Lake, are indicating this may be the largest and most valuable chrome discovery in the world. With a world class discovery right on our doorsteps and getting no valuations for it, many investors are left shaking their heads, wondering why. It is my belief, that when investors finally do wake up to the fact that we have a world class discovery on our hands, the share prices of many of these McFaulds Lake stocks will respond accordingly.

The word out of NOT head office, is they are getting several enquiries and visits from majors, wanting to take a closer look at NOT's chrome discoveries. At NOT's current share price don't be surprised if we get a major taking a piece of NOT, or an attempt to take over the entire show. One thing about NOT, it does have most of the area wrapped up, with their own land holdings and various JV's with the other companies currently drilling in the area. In fact, it has been reported NOT has title, in one form or another, to over 80% of the entire ring of fire. Once again, keep this possibility of a major moving in on NOT, in whole or in part, in your mindset, when investing in NOT. From all indications, this is going to happen much sooner than most people think. JMHO

For those who are having trouble understanding, if NOT is all about chrome, or is it about nickel, here is a brief description, of what I have been told. Think of the ring of fire as a big river, this big river is made up of chrome. All along this river there are tributaries, lets call them creeks. It is at these creeks, where they are finding deposits such as Eagle One or AT-12. What is happening, is these drilling programs, now know where the exact location of the chrome is. What they are trying to pinpoint is in the mineralization in these creeks. The problem is, finding these creeks is just not that easy. I believe it will take years for the numerous companies drilling in McFaulds Lake to ever finish drilling along this river. It is hard to imagine, that they won't find numerous pods of mineralization, as this story unfolds. It is my belief, McFaulds Lake is a discovery of major significance, not only for the world class chrome, that is being discovered, but also for the rich pods of mineralization, like Eagle One, that will be found, as the discovery process unfolds.

McFaulds Lake, at some point, will be a major mining camp in Canada, is my belief. It will however, take years, for the chapters to be written, before this book will ever be finished. JMHO

Once again FNC's share price was under selling pressure. The word from Peter Smith is the final touches are being put in place and we will be hearing about a PP shortly. Smith apparently likes what he has seen so far, as the first 4 hole drilling program is now completed. Core samples have been sent to the lab and marked with a rush order. What is being reported in conversations with Peter Smith, is the plan is, to drill a few more holes at C-1, then have the drill move on, to drill some of these other anomolies that showed up on the VTEM surveys. So the good news for investors, that are still in FNC, the story is a long ways from being over. The word from Peter Smith is he still believes strongly, that he is going to uncover something of significance, on this property. Best of luck to all still invested in FNC.

Investors in FWR are still scratching their heads, trying to come to grips, why the share price, moved very little on the visuals from the 1st drill hole reported. Finding a 100M intercept of chrome on the 1st drill hole on this drilling program, to me, was truly amazing and should bode well for the future, of this drilling program. Obviously someone knows what they are doing, to hit the sweet spot, right off the get go. I think what happened here, was yes, it was good news, but the fact that it was reported on one of the worse possible days, when we were seeing capitulation in the markets, didn't do this stock any favours. If FWR keeps coming up with intercepts like the last one, the market will take notice, at some point. Keep the faith, is about all you can tell the investors in FWR.

Best of luck, to all McFaulds Lake investors.




Al