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: Noront's MD&A
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Well the second condition has not been met and it requires the LATER of the two. We have not traded at $1.80 (125% of $0.80).

Or is the calculation $0.80*1.25=$1.00? If this is the case, I believe we have traded over $1.00 on a weighted average for more than 10 days since November, with the run up in early January.

Anyone else more familiar with these situations?

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