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: Mcfauld lake MDA

Thanks Polylabel,

The following analysis is academic,welcome for discussion.

Noront has 40 million cash, the money can support 10 months work.

Starting from August ,we can have enough cash till next spring

around May 09.



During this time , most likely Windfall cannot start

generate revenue to Noront yet. So leads us to one alternative, we

will do the PP before the splitting.

in these 10 months work, we may have half of the assays ready,

that

means the drilling result till December 08..together with another 41

assays result still pending ,total will be 41+ 6 months( Aug-Dec )

4drills x 6 x4 holes/month= 41+96= 137 holes assays result..

We may add another 25 holes from various JV s in DE

grand total = 137+ 25= 162 holes

with these additional 162 assays result ready by next April ( 4

months lab work ), hopefully our share price will pop up

at least double or more



Conclusion: it works.. RN and the management have always work

hard and luck also in RN side

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