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: Or we could add another 10 mil from Windfalls ez Gold

Noront will not state what the costs todate are but with a comment like "could exceed' you can be assured it will be. Go back and you'll see the original estimate from Geologist, recommending ramp access, was much lower cost.

Time estimates were also off on this project so it's nice to see everything in 'high gear'. You can say that was Government/Indian delays but that's all things that had to be considered when presenting the initial estimate. Again no big deal because that too is a fact of life in the mining as well as exploration game.

An ramp cost overrun is nothing to get excited about especially with results so far, but overrun there will be. It's like the difference between receiveables and payables when analysing a balance sheet. Guaranteed those payables are 100% for certain but any trouble and watch the receiveables disappear.

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