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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Message: Al's Monday morning thoughts

In rereading Al's comments on Noront I really do not agree with calling Noront a promo machine. A promo machine tends to have no substance and NOT has a ton (about 7M tons) of substance. These next assays do not need to knock our socks off as Al puts it. They just have to prove that there is continuity with E1. If the assays show this which I know they will because of the visible Pentlandite crystals, then we are all good. We just need to keep proving it and that take time. As for the comment of showing visuals, Noront is past that now. Saying that this is a sign of missing on drill holes, that is horses..t. I believe Neil Novak when he says that they now have more hits than misses with E2. When he said that, they had a 66% hit/miss ratio.

Noront is doing fine and Al on this post was not at his best.

Glorieux

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