Noront Resources

Okay, I was there and I didn't get most of the negativism I've read in the posts since yesterday. Like wow, it wasn't like what you're saying.

First of all, the room holds about 300 people I figure, maybe more. In attendance, there were less than 100. I sat at a table with Irish, Trace, MGB, DJO and his wife Elaine (NOT's former right hand to RN) and GleeGee.

Here is where my story starts. A few weeks back I had a dispute in the forum with GleeGee and it continued in PM's. We sorted it out and said that we'll meet in person at one of the events. Little did I know that the lady sitting beside me was GleeGee.

She introduced herself with her real name and I asked for her poster name. At first she was reluctant because she said she's been verbally attacked so many times. But then she said, "I'm GleeGee". My jaw dropped and I said, "Guess who I am". "I'm Strato". We all laughed and it was a real cool moment. Gleegee is a wonderful lady, a world traveler and I invite you all to meet her someday. Oh Glorieux, she wants to meet you too, buddy ! Trust me Frank, you will enjoy the conversation.

Okay, I never go to meetings because they are usually boring. It's one of the reasons I don't work in the corporate world. Too much talking and not enough working is my view of most meetings. The meeting part of the AGM is especially boring for me. Several times, I wanted to shout out something funny just to break up the monotony. But I was a good boy and well behaved even though I wanted to shake up the meeting. Trace suggested I should've brought my guitar. He's right. Would've livened it up a bit.

But I did start to enjoy it more when Wes began to speak and the slide show began. The questions asked were pretty good, just not enough of them. It was as if the room was full of cardboard cut-outs instead of people. Not many said anything, including myself.

Now the good stuff : From what I saw and then heard afterwards, I believe that NOT has a fairly good idea on the deep Eagle model. I believe that holes 85 and 94 in particular have helped them determine this. And it would appear that they can follow the mineralization much more accurately. And it's still open at depth. I think # 94 is around 1500 metres. Hole 85 went to 1700 metres, I believe. Hole # 85 added 200 metres of grade at depth. Hole # 94 just missed the mineralization. Wes said that they were looking forward to the results and they will fulfill everyone's expectations.

So they are getting there, slowly but surely. I think someone said they can do about 50 metres a day with the deep drilling. Correct me on that if I've erred.

Eagle just keeps getting better and better. They haven't hit anything of significance outside of Eagle, but then the airborne surveys on Eagle are so string, that anything else in the immediate area goes unrecognized. However, knowing from Dr. Mungall that this type of deposit occurs in clusters, I believe that NOT thinks there may be more smaller deposits in the near vicinity of Eagle.

And that's why I think they traded off the Chromite land to Probe for the claims next to Eagle. Sure, without a doubt Probe has benefitted immediately from this.

Joe Hamilton came up to our table to explain the PRB-NOT deal to DJO, who is the one who asked that question. We all got up and looked over his shoulder to see Joe showing the claims on his laptop and explaining the systems in each set of claims. Bottom line : I think NOT will benefit far greater than Probe will out of this deal. JMO.

The Blackbird Chromite deposit is 2 km (2000 metres) away from Eagle. They are deep drilling at 1500-1700 metres. Could it be possible that they could.......yes it could be, that they just might send a drill across.

And remember the ghost bridge idea thing ? I think I saw something like this on a drawing that was shown to me, with the mineralization feeding down into the chamber where it all came from. Purely hypothetical, but possible.

One thing for sure, NOT thinks that this is all continuous from Eagle One to Eagle Two and the Triple JJJ. Speaking of Triple JJJ, someone mentioned to me that the gold will be hard to get out because the Chromium deposit sits on top of it. I have no idea myself but if someone wishes to comment on this, please do so.

The new Blackstone deposit has the highest Chromite grades to date on NOT's land. And although Chromite is not the focus, it is still adding value to NOT.

18.7 million in the bank as at September 30th, 2010 (??? - guessing on the month end date - he just said september). They are cashed up until at least April, ith a monthly burn rate of between 1 and 3 million. Big gap there, I know, but I think it all depends on the deep drilling, admin, legal, operations costs at any given time. However, I would prefer a much more accurate burn rate, like we used to get, although that may or may not be as possible to do with what's happening today as opposed to two years ago.

The discovery cost of Eagle's Nickel has dropped from 32 cents a pound to 10 cents a pound. They estimate that the value of Eagle's nest will be up another 50% in 2010 from the year before. Since Wes has been at the helm, Eagle's value has risen 270%.

Wes also said that Eagle will have a 700 million pound nickel deposit by 2011. And this is a question I asked Wes by email earlier in the week and I'm glad he mentioned the following numbers.

To date, NOT has approx. 400,000 ounces of Platinum, 1.2 million ounces of Palladium, 450 million pounds of Nickel and 225 million pounds of Copper. These are significant numbers !

Here's an interesting item. Eagle's Nest appeared on all Airborne surveys that NOT has done in the ROF. In other words, the Eagle deposit is huge.

And they're using something called Inverted Geophysics to look down at the 1ooo -1500 metre depths to date.

The Share Award Plan was defeated and consequently, the share option plan was irrelevant. The BoD didn't expect this and Joe Ham looked a little surprised. They quickly moved that the original plan stay in place, which was approved by 95%. But they clearly did not expect this to happen IMO.

The rest of my notes are very scratchy so I can't make out enough to put it into something meaningful.

Will I go to another AGM ? Only if I can provide some entertainment, to wake up the crowd ! Let's spice up these meetings and I'll bet the turnouts improve. Plus maybe it'll loosen up some of those tight 'suit people' that were in attendance.

Frankly I was expecting more people, especially from this forum. And so to all those who didn't attend but seem to have several derogoatory comments, perhaps you should go next year. It's much more informative being there in person....but it is a corporate meeting so bring a pillow........zzzzzzzzzzz.

Special thanks to Irish, DJO, Elaine, Trace, MGB and GleeGee and Peter for making the afternoon/evening very enjoyable. We had a great dinner at Joe Badalis, although the service was real slow. Gave us more time to talk anyways.

Here's another thing. After the meeting and also over at Joe B's, I was outside having a smoke and each time I struck up conversations with some homeless guys. One guy said I was refreshing because I actually talked to him, instead of turning up my nose. At that exact point, he walks up to a suit guy and says, "can I have your tie". I burst out laughing as the suit guy scurried away. The homeless guy winks at me and say, "see what I mean". Too funny. You had to be there.

Bottom line though - they're all people, just talk to them. They're harmless.

And GleeGee is now a friend. I'm so glad I met her in person. Real nice lady with a lot of knowledge.

strato-reporter