What happened to Genuity?
Why would they repost Rosseau's claim on windfall, which they know to be false, not clarifiy that claim with background facts, and then, to top it off, endorse Rosseau?
Why would they have had a target price of $7.00 but then today have no target price AND put Noront in the penalty box 'under review".
They must be under tremendous pressure.
From Genuity
The Rosseau DPC outlined the following shortcomings of the Noront board of directors and CEO – in its view (as extracted directly from its October 9/08 news release):
• Noront recently wasted what it said would be approximately $15 million further developing its Windfall Lake gold property in Urban Township, Quebec, as well as over $1 million on other non-core properties, taking scarce cash, human resources and focus away from the core McFaulds Lake discovery;...
In our view, this group of directors would be a significant upgrade to the current Noront board in terms of focus, vision and capital markets leadership.
And here is the news release of the financing. At this time the ROF was a pipe dream:
December 2006 Noront news release:
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Noront Resources Ltd. ("Noront")(TSX VENTURE: NOT) is pleased to announce the engagement of IBK Capital Corp. ("IBK Capital") as agent to complete a financing of up to $15,000,000, consisting of ...
The Company early in the New Year will re-start the diamond drilling program at Windfall Lake. The successful program recently completed (see press release dated December 1, 2006) will continue to detail previously encountered high-grade gold mineralization to permit reserve calculations under National Instrument 43-101 guidelines.
In addition engineering studies and environmental permitting will commence to facilitate the commencement of an underground exploration ramp to outline, sample and bulk sample the gold zones known to the company at the present time. Tracy Armstrong (a qualified geologist in the Province of Quebec) of P&E Mining Consultants are continuing to be engaged in interpreting the drilling results to date and recommending further exploration work on the Windfall Lake property.
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Very unprofessional fro both Rosseau and Genuity.
BK
