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: Re: Update on symposium from Wawatay News

Wes will not compromise the negotiations just so we can be informed. Once everything is signed, we will know-not a minute before. I have a feeling once the FN deal is signed, we may get a little flurry of NR as they are holding everything back till this is done. The important thing is that the FN are willing to negotiate in good faith and that seems to be the case. Noront has always acted in good faith the the FN so I see no reason to worry here. It would be nice to know and for us, it would mean a more comfortable share price but like I said, my chips are on the table and willing to wait what cards come up.

If Genuity is really done, and CIBC is mostly done, I think we are safe for now to continue this small upward trend.

Glorieux

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