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: "The Market Hates Uncertainty"

Guy's I just could not get through to Dick this morning. There is conference call going on and all I can tell you is a bit of hearsay.

A response or clarification to the Probe news release has been with Noront's lawyer since early this morning. Definately their is no question of the ownership of DE1 and that is not a subject of talks with Probe.

Noront is VERY upset with the news release because although discussions are taking place the news release did not clarify that this was to do with 'going on' from current status.

Expect a news release as soon as one can be reviewed by Noront and regulatory agencies.

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