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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Oh, Dundee you are good.

I like the fine print in your report today Especially the words "with the benefit of a revised resource estimate."

Do you really think Noront would change their economic plan without a revised resouce estimate? Please.They wish to make less? Please.

The Company’s press release of September 9 included only a high level summary. Details of the report will be filed on SEDAR (www.sedar.com) within 45 days. We will review our valuation after we review the detailed report, and perhaps with the benefit of a revised resource estimate.

Dundee, if I may be so bold. Would it not have been more prudent to review the detailed report from Noront prior to printing out this new valuation?

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