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: To Glorieux

Thank you for asking my opinion on this matter. I believe Hoov may do a better job here but since you asked for my opinion, I will give it.

Hole 49 was probably finished around June 27th, just in time to be in the NR of June 29th but not enough time to give us any accurate description except that it held disseminated sulfides, semi-massive and massive sulfides. This hole was meant to be a barren hole, following the hanging wall of granodiorite, next to the periodite. However, as we all know, we hit 437m of "spectacular massive sulfides" as per John Harvey. This hole also ended at 945M instead of 1000M because the hole collapsed which tells me they were into massive sulfides at the time. I am guessing here but the expert opinions I have received on this subject seem to agree. So here is Noront, spending around 200k dollars for a BHEM hole and still, no BHEM hole...OK we can live with that mistake ;)

So, they go at it again and probably drilled hole #50 some 50 to 100m further into the granodiorite to be sure to have a good BHEM hole so they can start imaging what is around there. Now here is where the plot thickens and rumors start pourring in and the SP of both NOT and FNC start going crazy. I believe hole 50 was barren as IT WAS MEANT TO BE! However, some saw an opportunity in the lack of information from hole 50's location and visual description to start rumours that it was great mineralization over longer intercepts and it was tilting towards FNC. This played into the hands of FNC who now have a PP at a much higher price. No accusations here to anyone but if as I think hole 50 is barren, someone played it up big time with an agenda!

Now hole 51 is a completly different beast. It is probably done by now and may have been aimed for a second BHEM hole to help triangulate the signals to better understand what we have at depth or it may have been going after the mineralization. My thoughts are that it went after the mineralization and the visuals from it were very good. Hopefully we get a visual report on this ASAP.

If I was Noront, I would be pulling all 3 of our current drills with max depth of 1000m (possibly 1200m, not sure on that one) and I would be poking a lot of 1000m holes to find out exactly what we have and take advantage of next 2-3 months of the drilling season. If they do this, expect them to hit many great holes and if they do, our SP will follow dramatically.

Right now, we wait for hole assays on hole 49, and visuals from hole 50 and 51 but if they get all 3 drills going than, every week to 10 days, we should be getting 3 more holes for 30 deep holes at Eagle 1 before freeze up!

Good luck to all who are holding on here, hole 49 assays will be great and these crazy days will take a pause till we reach another, much higher plateau!

Glorieux

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