Remember 7 months ago
"Rosseau Asset Management Ltd. ("Rosseau")
announced today that it will be proposing a new slate of directors for Noront
Resources Ltd. ("Noront") for election at the upcoming annual and special
meeting of the shareholders of Noront to be held on October 28, 2008 "
Remember some of the points of contention: (The BOD has 5 months left before the next voting period to fulfill the below or show significant progress)
(1)Noront has severely diluted its McFaulds Lake claims position by
entering into at least 11 different option agreements, which also
drained and distracted Noront's administrative and operating
resources; "With Noront as the operator it is coincidental is it not that nothing of value was found in the few Noront placed holes with the JV's. Funny when somone else is the operator and Noront is the JV'er stuff is found like we see with whitepine's discovery. Whitepine Ah-Err' being the operator. Well Noront ,you did a great job driving the JV's away.Mission accomplished here since you made it clear you didn't want them.
(2) - Noront is squandering its leadership position in the McFaulds Lake
area by optioning out its ground, rather than consolidating other
players in the region to form a company with critical mass which is
capable of bringing a project into development; ( BMK and Probe and TME have been moving up. Are we consolidating these players)?
(3) - Noront has been unwilling or unable to deliver on several important
initiatives to enhance shareholder value including finding a
replacement for the President and Chief Executive Officer. Noront stated that May should be the month for this to happen if the candidate accepts. We are half way throught the month now.
(4) obtaining a listing on the Toronto Stock Exchange and spinning off non-core
assets to shareholders; Clocks ticking BOD, October is coming fast.
