I pose this grave question after reviewing the accusation that the current board has squandered money on Windfall rather than directing all monies to the McFauld's efforts.
If memory serves, a PP was done not long after the glory hole at Windfall returned a spectacular 52OZ of gold per ton. On December 21st, 2006, through IBK Capital, Noront closed a 15,000,000 financing the purpose of which was to fund the underground ramp at Windfall.
At that time, the Ring of Fire properties, although in Noront's portfolio of properties, (although of course not to the present extent) were largely unexplored and of no particular known significance. That of course began to change in August 2007 at which time, with a budget allocation of $400,000.00 Noront began to drill McFaulds.
By September 2007 we knew, for the first time, that we were in for one heck of a ride.
But back to Windfall.
The next release, on December 29th, 2006 described in detail the purpose of the underground ramp and stated that Noront was "adequately funded to complete the program".
There is no question that the financing in December 2006 was obtained, and earmarked, for Windfall. Windfall is what brought this new money from investors to the war chest.
In the Rosseau circular, in their quotes to the press, and not least out of the mouth of their paid representative Kingsdale Shareholder Services Inc, we hear the oft repeated phrase:
"Noront recently wasted what it said would be approximately $15 million further developing its Windfall Lake gold property in Urban Township, Quebec"
I asked the representative who called me today to provide the evidence that Noront had in fact spent money other that that allocated to Windfall back in 2006. He could not provide such evidence.
I cautioned him that speaking untruths could be construed as slander, and printing untruths can legally be libel. I mentioned that I am a litigation lawyer by trade and as such had an interest in such matters.
At that time he quickly said "look, I was just hired to make these calls and respond to questions with the bullet points from the circular". At that point, I mentioned that as a paid agent of Rosseau, if in fact the message was slander, it would matter not that he was a mere hired gun.
At that point he suggested that I speak with someone directly at the company, and I indicated that I should welcome such an opportunity.
At this point, let me be perfectly clear with everyone who reads this board. If, for one second, I saw compelling evidence that Richard Nemis had squandered the company's resources, or had been blowing smoke up our collective keesters about the stuff in the ground at McFarland's or Windfall, I would personally make it my business to see him and his cohorts tossed into the street.
But I have seen no such evidence. Not one bit of it.
I have a clear recollection of various people sounding off with comparison's to Voisey's Bay, and Richard time and again cautioning restraint on our high flying collective optimism.
So when I read from Rosseau's circular:
"Noront's senior management is prone to exaggeration and promotion that contributed to prematurely inflating Noront's share price to unsustainable levels, leaving it to later crash after Noront failed to meet unrealistic expectations"
I am left to wonder who it is that they are referring to? When Rosseau bought in at 5 bucks a share, did they do so on hype and grandiose comments? Is Irwin that dumb? That gullible?
For the record, I do not believe that he is. I believe that his hedge fund bought in after doing a lot of DD and understanding the potential magnitude of this find.
Which brings us back to the question of Slander. And Libel. And lawsuits.
Presented for your consideration.
See you at $20.00
crazydik
