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NOT

posted on Dec 17, 07 10:16AM

I felt odd, looking at the awaited new data on the last NR from NOT, and wondering in what world they stepped back in instead of stepping out. Checking through the data today makes me suspecting one thing - the drills they have onsite are probably very crappy and nearly useless by now...either that or maybe some operator issues. The hole 25 for example, was expected to hit the targeted mineralization section, intercepted by holes 15, 19, 20 & 21, at core length of 180 m, but it missed it completely by "deviation". 307 m, and some valuable time before Xmas were all wasted. To be honest, I've a suspicion on Mr. Novak's performance. I don't think he is able to concentrate 100% on Eagle One project, given his puny NOT share position and his SPQ stakes and responsibility. There may be some conflict of interest from him, and it may not be in his best interest right now to hit at another anomaly in Double Eagle and therefore to double or triple the share price of NOT. A rumor from John Kaiser (in his NL) was saying the holes 3 & 4 were mistakenly drilled at wrong locations because someone misinterpreted the local coordinates and the survey maps. If holes 3 & 4 were stepped out by 50 m each we would have a more effective development for sure. Hole 6's design was a mystery to me too. And I cannot understand why there were so many errors on the local coordinates, published through the NRs, that are still on record.

I am a long, loyal investor of NOT, and all of my issues regarding the project's management and the development won't affect my confidence in this great discovery of the decade and my confidence in Noront as a good company to be with. Anyway, I look forward to John Harvey's better leadership and the brand new drills in the coming year. ~p Full disclosure: I own shares of NOT and FNC at McFaulds Lake