Noront Resources

There are two separates ways of viewing the world, I suppose. That which really happens, and that which is supposed to happen. I much prefer it when the former fully corresponds with the latter.

Last night, I contacted Seafield Resources about their JV drilling with Noront, which occurred five months ago. Even though it was well into the evening, I received a reply from their IR department in less than 45 minutes. In part, his reply was: "Noront has not provided us with an accounting of funds spent nor assays or a report. I wouldn't hold my breath for great assays, but expecting results in a timely fashion is reasonable. We share your frustration."

In fact, expecting results in a timely fashion is the law. Not criminal law, unfortunately, but securities law.

The November news release about Windfall mentioned an underground drill program, and an engineering report to follow. Based on what is in the TSX Venture Exchange rules I'm quoting below, they have to release this information. They can't just describe it as "not material". The only discretionary word in the rules is "timely". There can be hidden reasons, such as confidential negotiations with a third party, that make timely public release different than simply being available for release, but management policy is not an appropriate exception. I will contact the Senior Geologist at the OSC today, and try and get a better understanding of how the regs are commonly interpreted, and thus what a reasonable expectation might be.

Lar

Here's the rules (edited, of course, to show the relevant bits).....

This is from "Mining Standards Guidelines", Appendix 3F to the TSX Venture Exchange Corporate Finance Manual, found at http://www.tsx.com/en/pdf/Appendix3F...

5.1 General
(a) An Issuer must disclose material scientific and technical information, both positive and negative, on a timely basis, even if the results of exploration may not be at a stage where definitive conclusions can be drawn.

5.3 Reporting of Exploration Results

An Issuer must comply with the following requirements for reporting and disclosing exploration results:

(a) the Issuer must state the source of the scientific and technical information on its properties, especially when that information was not obtained as a result of the Issuer’s work.
(b) if early exploration activity results such as geophysical surveys or soil and outcrop sampling, is disclosed, it must not be reported as conclusive evidence of the likelihood of the occurrence of a mineral deposit.
(c) sample or assay results, whether of drilling, trenching, underground or preliminary surface sampling must be disclosed together with the following details where applicable:
(i) Geological Description
A general description of the geological environment, including any known problems, such as erratic sample results or potential metallurgical extraction difficulties.

(ii) Sampling

Details as to the type, nature, density, and size of samples collected. For example, relevant information must be included with respect to:

(A) preliminary geochemical surveys including number and type of samples collected, sample spacing or density, horizon or material sampled, and the area covered;

(B) trench or outcrop sampling including information on sample type (select, grab, chip, channel, etc.), sample interval/length, sample continuity, material sampled, spatial relationship of such sampling to other known and/or previously reported samples, or mineralized structures;

(C) drill sample results including information on the type of drilling (core, reverse circulation, etc.), size (BQ, NQ, etc.), sample interval, and spatial relationship with other nearby drill holes or mineralized structures. Reporting of aggregate intervals must be done on an interval-weighted average basis. Details must be given of any structural controls or cut-off grades used to establish the reporting interval. Significantly higher-grade intervals within lower grade intersections must also be reported separately.

In many situations, it will be necessary for the Issuer to include plans and/or sections that provide appropriate details.

In all cases, an Issuer must disclose any drilling, sampling or recovery problems that could materially impact the accuracy and reliability of results. The Issuer must provide estimated true widths whenever possible or state that the true width is not known.

(iii) Analytical Results

An Issuer must report analytical results in a timely manner and include relevant details such as:
(A) analytical process, including analytical method (ICP, AA, fire assay, etc.), and sample size analyzed;

(B) name and location of assay laboratory together with its relationship to the Issuer, if any; and

(C) certification of each laboratory used, or lack thereof.

Disclosure of analytical results by an Issuer in the form of “values up to...” may be misleading and irrelevant, particularly if such samples are selectively collected. Such disclosure should be supported with appropriate sample descriptions and relevant statistical details such as range and distribution of sample values.

Disclosure by an Issuer of metal equivalents is only acceptable when disclosed in accordance with Item 19(m) of Form 43-101F1.

Analytical results must be reported by individual metal-element-compound. Reporting aggregated grades of different metals/element/compound alone is not acceptable.

(d) specific details of any unusual or non-standard sampling, preparation or analytical procedures must be made by the Issuer and must include results of a duplicate set of samples processed by industry standard procedures for comparative purposes.

(e) the disclosure must clearly distinguish between new and previously issued information. Complete disclosure of check assay results is not required. The Issuer must, however, disclose the nature of the check assay program and whether the results are confirmatory.

(f) the disclosure of selective results is prohibited. If, for example, six holes are drilled and three return mineralization of interest, details of all six holes must be released, including location, direction, geological formations encountered, etc., so as to provide the reader with as complete a picture as possible as to the nature of the prospect.

(g) the reporting of gross metal value is not acceptable.

(h) estimates of quantity and grade, or quality of mineralization must not be reported unless supported by assay results.

(i) an announcement of a planned work program must briefly describe the proposed program, the estimated cost and timetable of the program, and whether the Issuer has funds available to complete the program.