Noront Resources

Payne, first off thanks for the update.

Regarding the following question and answer..

Question..The selling pressure is relentless is there a large institution bailing out, has the institution % of holding's changed over the last year...any explantion !!

Answer.. Not to his knowledge has a large shareholder been bailing out, but it is possible.He does not believe the % of institution holding's have changed over the last year.

I believe it has changed, to what extent however remains a question?

Here is the change in fund ownership since May.

Funds ownership in May =12,268,667

Fund ownership in Jan = 6,258,100

a decrease of 6 million shares.

How many others have sold??????

Noront has the shareholder lists, they know who owns how many shares.

Noront Resources (NOT-X) May 2010 1 5 2.1 Average Fund Trading Activity:Buy (Based on available data)

Fund Trading Activity New Buys 50% 4 Buy 0% 0 Hold 37.5% 3 Sell 12.5% 1 Closed 0% 0

Mutual Fund Ownership Summary # of Shares % Shares Outstanding N/A - Fund Ownership 12268667 - Total # of Fund 8 .07

Analysis

The average rating by Canadian mutual funds (where 1 indicates a new buy and 5 indicates a closed position) has been 2.1; which gives an overall rating of Buy.

Top 10 Fund Owners (based on specific company disclosure policies)
Fund Name	# of Shares	% of Fund Asset	Trading Status	Globefund Rating	Date of Portfolio
Dynamic FocusPlus Resource	6258100	2.24	Hold		2009/12/31
RBC Cdn Equity	1685767	.07	Hold		2009/12/31
RBC Global Resources	1300000	1.06	Buy		2009/12/31
RBC Balanced	1151700	.03	Hold		2009/12/31
AGF Precious Metal	454545	.05	Hold		2006/12/29
Front Street Resource-A	125000	.32	New Buys		2009/12/31
JOV Canadian Equity Class	0	0	Buy		2009/12/31

1 5

3.5

Fund Trading Activity New Buys 0% 0 Buy 0% 0 Hold 50% 1 Sell 50% 1 Closed 0% 0

Mutual Fund Ownership Summary # of Shares % Shares Outstanding N/A - Fund Ownership 6258100 - Total # of Fund 2 .02

Analysis

The average rating by Canadian mutual funds (where 1 indicates a new buy and 5 indicates a closed position) has been 3.5; which gives an overall rating of Sell.

Top 10 Fund Owners (based on specific company disclosure policies)
Fund Name	# of Shares	% of Fund Asset	Trading Status	Globefund Rating	Date of Portfolio
Dynamic Focus+ Resource	6258100	1.14	Hold		2010/08/31
Fidelity Canadian Opportunities-A	1250000	.18	Hold		2010/09/30