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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Hi HGS,

I hear your pain. I feel just as frustrated as many with the low share price and "golden silence". Now another iceberg you say? Doesn't it make you just want to click the sell button and get rid of all your holdings! Be through with the stomach ache, anger.

Believe me when I say I have had to have a stiff drink in the middle of some days not to press the sell button.

There are a few things that stick into my head when I get the urge to be rid of this stock.

(1) Market cap is cheap. Only twice that of FWR. Noront has 1100 square km compared to Fwr with 22 square km.

(2) We have LOTS OF CASH

(3)Options at 80 cents. They'll want to make a buck one of these days.

(4) The Discoveries to date:

Eagle One Discovery

High grade near surface base and precious metal discovery that now boasts a NI 43-101 compliant resource estimate:

  • Drill highlights include up to 117.4 metres grading 4.1% Ni, 2.2% Cu, 2.1 g/t Pt and 7.1 g/t Pd.
  • Indicated resource of 1.8 million tonnes grading 1.96% Ni, 1.18% Cu, 1.12 g/t Pt and 3.91 g/t Pd.
  • Inferred resource of 1.1 tonnes grading 2.39% Ni, 1.27% Cu, 1.37 g/t Pt and 4.50 g/t Pd.
  • High nickel grades in the massive sulphide zone make it possible for Noront to consider the option of direct shipment of ore to an existing concentrator/smelter facility outside the project area.
  • The deposit remains open at depth and along strike.

Eagle Two Discovery

Near surface nickel-copper-pge target being delineated to depth in search of a sulphide rich feeder:

  • Eagle Two is located two kilometers southwest of the Eagle One deposit.
  • Shallow mineralization was encountered 39 metres below surface.
  • Drill highlights include 34 metres of 0.6% Ni, and 6 metres of 2.2% Ni.
  • Using Eagle One as a model, Noront continues to track Eagle Two in two directions, scoping for the feeder system.

Blackbird One Discovery

Drilling unexpectedly intersected massive chromite (Cr2O3) mineralization below the Eagle Two deposit:

  • Blackbird One's main mineralized zone runs above 40% Cr2O3 with a favourable chrome/iron ratio or over 2.0.
  • This chromite discovery is relatively high grade compared to other global deposits, has a favourable chrome/iron ratio and a desirable lumpy consistency.

Blackbird Two Discovery

Early drilling has identified massive chromite beds:

  • The anomaly is one kilometre long, along strike from Blackbird One.
  • Potential exists for a multimillion tonne resource

AT-12 Anomaly

Drilling to date has encountered encouraging widths of visually observed mineralization 9.5 kilometers northeast of Eagle One:

  • Two drill holes encountered widths of up to 66 metres of visually observed disseminated and semi-massive copper-nickel-iron sulphides.
  • The company continues to drill this target

With today's Fwr's news release and the hint that there is a juicy find somewhere nearby FWR or on Not property of a possible motherlode of nickel has my heart pounding.

As painful as this whole pricing/information issue is : I think we all agree there must be more to this story. The Share price with discoveries/cash/land position just doesn't add up. One day our horse will be allowed to run and I plan to be there.

IN the meantime, I will drink a glass of wine when I am ready to blowup and PM some of you like I have in the past to help with the insanity. One day I believe this will all have been worth it. My burning guts scream for this.

Take care all



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