Hey folks, hope all is well with everyone. Sorry I have been absent for a while but I have been working behind the scenes trying to get a better understanding of this whole mess. This situation is something nobody wanted in my opinion. I have received many PM's asking for my take on it. So, here goes:

First off, I would like to thank many on the board for their hard work looking out for the small guy. Some of you have logged long hours and for that you should be proud. This is a battle and it seems that the noront faithful won't go down without a fight. That being said, I think everyone needs to take this very seriously, including management. These guys mean business and this move wasn't just a seat of the pants type of thing. Obviously some real thought has been put into it. Opportunistic or not, they picked the perfect time to try something like this.

I DO NOT believe this is an attempt to screw anyone over. I believe Rosseau are pi$$ed off investors who want their money back, nothing more, nothing less. This in a way is a great compliment towards our NOT. They quite clearly believe we should be at much higher levels then we currently are. Despite what many are saying, these guys aren't the devil and don't dream up ways to screw us over. This does not mean I like them, quite the opposite in fact, but I won't let my emotions get the best of me. I have done so in the past and it was the biggest investment lesson I ever learned. They don't care about retail, we are nothing to them, so to think this fight is about retail just flat out doesn't make sense. I have no doubt these guys could potentially sell us for less then we are worth to quickly regain their losses. BUT, BUT, BUT, they will not do so if they see much greater potential. Many believe it is their goal to bring out SP as low as possible. Again, this doesn't make sense. Sure they may want to average down by way of a PP, but you can rest assure that eventually they will want the SP up. Is it dirty?? You bet it is, but unfortunately we play a dirty game, anyone who thinks otherwise, should re-assess trading stock.

Many have gotten so bent out of shape that they aren't thinking straight. They are sure that if Rosseau was offered $10/share for Noront that Rosseau would say "no thanks Mr. Major, we would like $3/share just so we can screw over other investors". This kind of paranoia has no place in this game and makes no sense. Of course there is a possibility that they will dump us right away to a major, but you can be sure that they will try and get as much as they can. Trust me, these guys will squeeze every penny out of a buyer that they can. They are greedy, make no mistake. The problem I see with Rosseau is IMO they won't go to the extent that current management will to ensure MAXIMUM share holder value. They will simply do what is best for them, period. If its selling at $3, $4, or $5, they will. Not because it screws us over, but because it helps them. This isn't personal guys, it's business. As sick and twisted as it appears, this has nothing to do with us.

We must also remember that this isn't only Rosseau. By the sounds of it they have Sprott, Pinetree, Genuity and others on board. As investors we must look at all angles and figure out why. From my own perspective I am a little upset that we left ourselves open for this attack. Before you jump all over me, please let me explain. We all of course want to blame Rosseau and others for our dwindling share price, but if we think logically we would all agree that these guys didn't drag our SP down from $7.42. They would have had no reason to do so. I assume they helped it down for the last little bit, but they wouldn't have done so if we weren't already dropping. I myself sent many emails to management stating this very thing would happen if we didn't right the SP. IMO we should have done a deal with a major to put a floor under us. Management didn't want to give away the farm, and I respect that. But in hindsight it would have been the best thing to do. They dropped the ball slightly and Rosseau took that as a sign to pick it up. I guess i'm upset because myself and others saw it coming and this is the last thing we wanted to see.

That all being said, the minor mistakes they made along the way were only because they so badly wanted to maximize shareholder value. I can't really hold it against someone for that type of dedication. I wish I could say the same for Rosseau and company. Quite clearly they can't forgive and forget. They are very upset. If this fight is to be won it will have to be at the institutional level. We know retail will back management, but we will need one of the big boys to flip. This may prove to be difficult. It is possible that some sort of comprimise may do the trick. We may not like it, but it may be the only way to stop their pursuit. I wish it wasn't like this, but i'm trying to be realistic here. I don't believe they will stop unless they get "something" to calm their fears.

We are in very troubled economic times and there is no real sign of that changing anytime soon. This has played a very big role in our situation. We all have to realize that it will also play a role in our future success. Majors will be looking for deals and will want the world for next to nothing. We have to guard against these types of attempts but we also have to know a good deal when we see one. We can't afford to be greedy given the current global crisis. I don't say these things to upset anyone, I say them because they are true and as such managements plan of attack must adapt. I think major participation is needed even if it is at a discount. Let them supply us with cash so we can keep drilling and prove up more. Then its time to drive a hard bargain. Make them commit, then push them hard for the final buyout. This is how it has to be done IMO.

After everything is said and done, I don't believe Rosseau has handled the situation properly. Dick doesn't deserve this kind of treatment. I imagine Rosseau is as emotional as the next guy and this is part of why they are taking this drastic approach. As retail share holders we need to recognize the importance of the big holders and need them to feel comfortable moving forward, otherwise this won't end. We need all holders to be comfortable if we are to be truly successful. I imagine Dick will be working very hard to produce some NR's that satisfy on all ends. Hopefully Dick has that ace up his sleeve that will put to rest this lack of confidence. All investors, Sprott, Genuity, Pinetree included need to give him the benefit of the doubt here. He has brought us this far and to ignore him at this point is flat out rude.

It is very normal for emotions to be running high in these situations. But we have to stay civil and open minded. I have seen many long time posters attacked for almost nothing. Bruce Durham's name is being dragged through the mud. I do not know Bruce nor am I invested in Temex, but I do believe we have more class than we are sometimes showing. The same is true for Sprott and the other big holders. They, like all of us, have the right to an opinion. Just because we think one way, doesn't mean they are scum for thinking the opposite. There is no need for name calling and dirty letters. If your goal is to get them to have a change of heart towards current management, no amount of swearing will accomplish this. It has to be handled in a professional manner with facts to back up opinions. Lets not turn on each other. Both sides need to be heard in order to make a proper argument that the big boys will listen to. I just don't want to see our board do the very things we are accusing Rosseau of doing....

Last but certainly not least, this whole mess has proved all share holders right. It proves that the area is worth fighting for. After everything is said and done, one thing will remain the same............the land. It isn't going anywhere nor are the minerals in it. One thing we all agree on is that it is rich and will make us rich. Lets just cut the crap and work something out that will make us all happy. Come on guys, it's time to strip the pride away and work together. We all want the same thing.........$$$$$$. Lock yourselves in an office and scrap it our for all I care, but you better come out with a solution. Believe it or not, you are probably closer to an agreement then you think...........

Take care all and good luck,

d12