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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Of course those are very concervative figures you arrive at but I'll agree it's useful EXCEPT for Windfall valuation of 50 cents since it's too close to bulk sampling of high grade zones not to have valuation of $1.

Guess I'd also quibble about some 'blue sky' value for the extensive ROF land away from McFauld Lake area as that has to be worth something.

Hard though to argue about the fact that this is the kind of value the market is giving Noront at the moment. Maybe Monday will be different.

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