Noront Resources

... management anticipates that proposed exploration budgets for these work programs will be approximately $10-$20 million for the year....

The new BOD with the same management team that RN left come up with a budget 10-20 million ...yes 10- 20 million..

First the sum may be less than what the former burnrate which is 3-4 million /month ( including windfall..let say windfall was 1.5 million /month),

whether is 10 or 20 million,it is a big difference...I do not think it is a well thought budget, at least I feel the old management team has no input at all...

conclusion, additional drillings for new BOD means that we will continue drilling but in a much slower pace...

secondly the 1.8 + 0.6 million options go only to the directors, Prof. Mungall and J. Harvey, NN had nothing ..

as most of their former options given had an exercise right when the share price exceeds 3.00 or more...

Conclusion: the new BOD is selfish ,only thinking about oneself ,may be they try to push the old RN management away....

BH