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: Call from WES

WES just called me regarding the two questions I had posed in my recent email to him.

1) Who voted on the salary increases for the BOD?

Wes indicated that this decision is made by the Compensation Committee of the BOD. A survey of salaries of other companies of similar size and nature is undertaken by the committee bi-annually, and recommendations are given to the BOD who then vote on these recommendations. He said that complete details of this salary compensation procedure are listed on the NOT website. He also pointed out that a number of the Noront executives took salary cuts when they joined.

2) Why is it that shareholders cannot vote on the election or re-election of INDIVIDUAL Directors, as opposed to a slate of all Directors?

Wes indicated that voting on the slate of Directors is common practice. Most companies do it this way.

Wes was friendly and informative. He is on track for releasing news more frequently, perhaps monthly. I voiced some angst about the low stock price and our vulnerability to a take over grab. He pointed out that when he took over our stock price was around .62 and during the past year it reached about $3. Of course, it has fallen off since, primarily because many individual investors and insitutions are temporarily cutting back on some industrial metal investments due to the slower economies, and favoring gold which is soaring.

I mentioned that many long term Longs were unhappy with the stock price being in the dumpster because some have huge losses, averaging buy prices of $3 - $4. He was understanding, and urged continued patience, fully believing that our Deep Drills will prove up Noront's exciting potential.

Noront has not filled the Investor Relations position vacated by Joanne Jobin. Wes and very capable Amanda will handle IR inquiries for the time being.

He invited me to call him at anytime if I had further questions.

A very pleasant conversation.

Jacki

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