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: NOT's MD&A

Thanks for your thoughtful post, geoprof.

Yes, the deep drills are quite expensive in terms of time and energy and funds that the company has spent to operate them. That was likely anticipated by management (I hope), and I am certain that the down-hole geophysics that surely must have been done when the bore drifted out of mineralization was very useful in determining the geophysics of where the direction (and hopefully size) of mineralization lay. We got an inkling of that in recent NR's. I think that we will get a lot more information soon about the deep drilling results. I also trust that the company will be nimble and not "fly the business plan into a mountain". They can and will cut back to one or zero deep drills if they need to.

W.r.t. the BoD, my question would be, "is the compensation in-line with other companies of similar size and type". With the departure of Patrick Anderson, one can only guess that there has been a shake-up in the BoD that caused him to leave. Coupling that with reports of Warren Irwin railing on about Noront at a yaght club, and the appearance of Wes at the RoF Golf Classic, one can infer that thinks might actually be looking up for retail.

More transparency of some fundamental facts regarding BoD activities might help the level of trust, but even posting the dates of BoD meetings risks tipping the hand of the BoD. You did indicate that disclosing past meetings would be of interest. Maybe there is a middle ground here?

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