HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Alright Poly, perhaps not all Noront JV partners will be able to meet their obligations. Time will tell.

Richard made the JV deals because he deemed them to be in the best interest of the company. I trust his decision and leadership.

Richard made these JV deals as he was (is) the most qualified to do so on our behalf. If Richard was privy to other juniors who were flush with cash and interested in JV'ing, I am sure he would have entertained those deals.

Again Poly, by virtue of you questioning the deals that Richard has made, you are questioning his leadership. For some, Richard has exemplified everything that we look for in a leader and as such we are beyond calling his decisions into question. Others (again I include you), are not quite there yet.

Nuff Said,

Milsy1

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