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: IS THE FN EFFECT A SHOW STOPPER?

"Finally, if one more placard from the FN appears on the ROF, I fear that the ROF dream is dead. Any interested institutional investors will quickly look elsewhere. It's not worth the heartburn." -- quote extracted from a post on the GNH forum by SnugtheJoiner.

Snug is a highly respected poster and his views command consideration. My own view is not quite so apocalyptic, but there is no doubt ROF investors can do without another blocade.

Is it the feeling of the Board that more FN action directed at the explorers would be, say, just one more blip or a very serious hazard as Snug postulates?

Does anyone think it worthwhile to try to convey a warning message to pertinent FN parties? I'm wondering and concerned.

Best to all Noront longs,

O.F.

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