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: What is happening?
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Here are my comments From_Sudbury.

For starters, today Noront held its own depite the fact that the markets were down substantially. I will take that as a positive.

I would also venture a guess that it is a shell game with respect to shares changing hands. Has been for some time and will likely continue for the next while.

You asked how much $ is left. As per the corporate presentation dated January of this year, working capital was $33.5MM. As per today's N/R, Noront has drilled approximately 25K metres in the current drill program which at $350.00 per metre equates to $8.75MM. I am not the most asute at math but I would concur with Glorieux that we are not likely to see a PP any time soon. Assays on recent drilling will be out way before any PP is required.

Just my humble opinion.

Cheers,

Milsy1

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