Excerpt from Books Online -
"When specifying the NORECOVERY option, the database is not usable in this intermediate, nonrecovered state.
When used with a file or filegroup restore operation, NORECOVERY forces the database to remain in the restoring state after the restore operation. This is useful in either of these situations:
A restore script is being run and the log is always being applied.
A sequence of file restores is used and the database is not intended to be usable between two of the restore operations. "
When you use NORECOVERY, you are basically instructing the SQL Server not to allow it to be use. I'd believe the last transaction log restored should be RESTORED WITH RECOVERY?