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: Dundee Securities Report July 27, 2009

We have to acknowledge that we've left in the dark without knowing Noront drilled up to hole 58. Actually, Hoove's post gave me a great confidence in that Noront, unless they found mineral deposits in hole up to 58, wouldn't plan to provide shareholders with the 3D image on each hole. The total volume since July 30th is 49.5 million at an average price of $2.34 and I think that's enough consolodation at this level prior to rising sp to $5-$7 once confirming the bullish view of potentials for additional Ni/Cu deposits on upcoming NR.

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