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: Apologies

You say '2 weeks ago' and I agree, this is a little confusing. They stated on the May 2 release that they expected the SGS reports on that day. Did they actually get them on that same day, May 2nd? We're not sure. From what I can tell, whenever they did get them, they first worked with Eagle 1 results and released those Friday. Now they are working on Eagle 2 and others. One week from May 2 being May 9th and the release of Eagle 1 might indicate that we will get Eagle 2 results one week from May 9th, tomorrow, on May 16th. However, I think they have more work to do on these so probably next week. This could explain the share drop as some work the price down during this period of expectation and uncertainty.

May 2 release
Upon receipt of the revised analytical reports from SGS, Noront will review the results for QA/QC as before, apply them to the drill hole information and release results in a timely manner.

May 9 release
[Released results of remaining Eagle 1 assays]
The remaining work orders for analysis with respect to the anomaly drilling in the vicinity of Eagle One, including Eagle Two are currently being processed and reviewed, results of which will be released as soon as they are available.

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