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: Some thoughts

Two things jump out at me when I read your post,Frank.

The first is about the metalurgical testing. The fact that they are proceeding with this phase tells me they know they have a lot of it, enough to justify some thoughts towards figuring out what they are going to do with it. This metalurgical testing would be used to determine the earliest and most cost effective means to bring this product to market. At the end of the day, all this chrome becomes an asset only when a realistic market is created for it. This, then becomes the critical event to the rise in our share price. We can drill till hell freezes over, and come up with a gradually greater proven tonnage of chrome, but until we have a logical and obvious market for it we will continue to flounder. They are telling us that they will have the metalurgical testing done within 6 months. That gives us a time factor for when this thing is going to mushroom (IMHO).

Also,I would be careful in stating that we now have 2 more drills being mobilized. My understanding is that the 4 drills we have there are not owned by Noront, but that we have a long term contract to utilize them once they were built. I believe the contract was with Les Forage Drilling Orbit. Is this release not simply confirming an extension of that contract and maybe reducing it to 2 drills? I am not saying this is so, but the release seems vague in that respect. If they are in fact adding 2 drills would that not suggest that they were increasing spending in an environment where they had suggested that they were going to slow things down to preserve capital.

Looking forward to a good day tomorrow.

Regards

K

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