Noront Resources

Rosedale - I completely agree that we should, as you say "drill the heck out of it." We are an exploration company and the only thing that adds value to our company is finding new, high-grade ore bodies and then proving up their size by definition drilling. However, from the criticism leveled by Rosseau in the proxy battle, they said they disapproved of RN's strategy of joint-ventures, saying, "Noront has squandered opportunities . . . [and] diluted its property interests through option agreements." It seems to me that the more drills we get turning on the Ring of Fire, the more and better chances we have of proving up additional valuable ore-bodies. And by joint-venturing we have required these partners to pay for the drilling. That seems to me to be a smarter way to get drilling done without having to pay for it "out of pocket", and still reap at least 50% of the profit that results. It helps preserve our bank-roll and decreases our "burn rate". My fear is that the money obtained by a Private Placement, that dilutes our share value, will be obtained at presently unfavorable conditions, and may not be used as wisely as in the past.