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: Noront announces - my take.

The Eagle's results are only from in-fill holes. Note that there are three holes drilled
with no significant results. That is normal even for a well known body. These holes are
needed to provide an indication of the outline of the resource so good, so so and blank
ones are needed to show structure. In-fills are drilled to a grid system and not onto
favourable locations as when exploring.

More note worthy are the holes that have resource present. These are all good holes, I
mean very economical. They increase the net size of the resource and confidence of data from inferred to indicated and measured. Later on I hope to calculate relative economicity of these holes to previous ones.

They mention two deep drill holes but they are with technical problems. I interpret that
as them not having experience drilling at the greater depths, hence problems OR they have the two drilled but do not want to release the results just yet. Probably waiting for at least two more holes because a larger quantity would represent confidence of results and greater impact on the investor.
I tend to lean to the latter possibility.

AT12 results are disappointing. None of them appear to be economical grades. The excuse is that the summer season does not allow for drilling in promising locations. That may be so, so lets hope that once winter comes we will be favoured with better results.

May I add that even at Eagle's Nest where the structure is mostly a known entity, today we have 3 dud holes. Not every hole has to have good results so why not at AT12 until the day that they do hit.

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