Good evening NOT

Well, for all those who have been shaken out of a great stock, just before the big run... perhaps this happened to one of the big institutions as well.

After examining the SEDAR release dated Aug 12, 2009, Interem financial statements, English, I decided to have a closer look at Pinetree's positions as of June 30, 2009.

It is well known in Noront legend that we have some fantastic institutional investors, (or not so fantastic, depending on your view of the proxy battle.) I always enjoyed knowing both Sprott and Pinetree were part of this company because in their own way, I think both companies are very good at what they do.

To my surprise, something didn't add up when I dug deeper into the statements today. I cut and pasted to the best of my ability this from SEDAR. Now, just because NOT doesn't show in PNP's top 5 holdings, doesn't mean it isn't in the fund as a smaller postion. That said, when I went to Pinetree's website, I see Noront has been removed from the holdings as well.

As at Dec 31, 2008

Sector: Resources (Base Metals)

Noront Resources Ltd. (i, ii, iii) 10,000,000 common shares 30,313 6,200 26.4

Macarthur Minerals Ltd. (i, ii, iii) 4,157,700 common shares

500,000 warrants expire Jul 3, 2009 5,109 4,781 20.3

Nearctic Nickel Mines Inc. (i, ii, iii) 1,000,000 common shares

$1,040,000 convertible debenture

1,000,000 warrants expire Jan 4, 2010 1,540 1,800 7.7

As at June 30, 2009

Sector: Resources (Base Metals)

Infrastructure Materials Corporation (i, ii, iii) 7,500,000 common shares 2,872 3,437 11.4

Macarthur Minerals Ltd. (i, ii, iii) 4,192,700 common shares

500,000 warrants expire Jul 3, 2009 5,136 3,019 10.0

Temex Resources Corp. (i, ii, iii) 8,477,000 common shares

1,500,000 warrants expire Nov 21, 2009

440,000 warrants expire May 26, 2011 4,678 2,103 7.0

Royal Nickel Corporation (i) 1,400,000 common shares 1,460 1,389 4.6

Stingray Copper Inc. (i, iii) 3,142,000 common shares 2,851 1,225 4.1

West High Yield Resources Ltd. (ii, iii) 2,227,500 common shares 1,426 1,053 3.5

For those that want to check up on me, www.sedar.com and www.pinetreecapital.com Please correct me if I am out to lunch... my intention is to share something of interest and value.

For all former NOT shareholders that "pulled a Pinetree," now you know what you have done... when you do it again, refer to it as "pulling a Pinetree."

Should the book "The Next Big Score," be written... I want a chapter on the sales by Pinetree leading up to hole NOT 49.

For the conspirators, who do you think got the lion's share of those 10million shares Pinetree reported Dec 31, 2008? The soup just got a little thicker!

Fair thee well, my Pinetree.

regards

cwallace