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: A list of goals

Found a couple of goals from numerous reports.presentations. The different sections span from Jan until Sept this year. Some include dates, some dont.

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Development Schedule for Eagles Nest. (Jan 2010, presentation)

1. Transportation study being finalized;
2. Phase I metallurgy being completed;
3. Scoping study will be inidated: 2010;
4. Environmental Baseline Studies underway;
5. NI 43 101 resource upgrade: Q1 2010;
6. Feasibility Study complete: Q1 2011.

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MD&A NOT Q3 2010 MD (Jan 2010)

1. Infill drilling on the Eagle’s Nest deposit to a depth of 1,200 metres in order to provide sufficient data to support a feasibility study;
2. Drilling down to a depth of over 2,000 metres on the Eagle’s Nest deposit to confirm the continuity of the deposit at depth;
3. Completing the remaining two sections of the airborne gradient magnetometer survey over all of the Company’s properties which will provide enhanced drill targeting capabilities;
4. Conducting further drilling on the AT‐12 anomaly as a result of refining the geological interpretation of the anomaly;
5. Carrying out ground geophysics over the Company’s all known deposits to further refine drill targeting; and
6. Conducting overburden drilling over the Triple J gold zone and other potential gold zones in the McFauld’s Lake area to locate high priority targets.

Project development milestones:

1. Establish feasibility schedules for various project components
2. Initiate socio‐economic studies
3. Complete environmental baseline and environmental studies
4. Initiate project consultations with First Nations communities
5. Environmental review and permitting
6. Complete marketing and sales studies
7. Define project execution plans including potential partnerships for infrastructure development

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This has developed into the following: (MD&A April 2010)

Objectives

The objectives for fiscal 2011 are to:


1. define the extent of mineralization and increase the resource confidence at Eagle’s Nest;

2. continue to focus on exploration to increase the nickel, copper, platinum and palladium resources around Eagle’s Nest and regionally in the Ring of Fire;

3. consolidate prospective exploration ground within the Ring of Fire;

4. complete technical studies to quantify project costs, risks, opportunities and economics of the Eagle’s Nest deposit;

5. evaluate strategic alternatives for the Company’s chromite deposits;

6. actively engage First Nations communities to identify future business and employment
opportunities.

Strategy

The Company’s strategy is to:

A. maintain a strong exploration program focused initially at or near the Eagle’s Nest nickel, copper and platinum group element (“Ni‐Cu‐PGE”) deposit, while evaluating regional exploration targets; the fiscal 2011 budget includes approximately $20 million for exploration at Eagle’s Nest and regionally;

B. look for opportunities to consolidate favourable exploration claims in the region to provide enhanced exploration opportunities;

C. complete progressively more detailed studies on its Eagle’s Nest Ni‐Cu‐PGE deposit to
understand project costs, risks, opportunities and economics.

Eagle’s Nest and Surrounding Area

At Eagle’s Nest, the Company’s strategy is to continue to define the extent of mineralization and to better understand the controls on mineralization by infill and deep drilling.

The drill program for fiscal 2011 will:

A. increase the confidence level in the existing resources;

B. increase the overall mineral resource tonnage through additions along strike and at depth at Eagle’s Nest;

C. identify litho‐structural controls on mineralization to allow greater predictability of high grade massive sulphide and high grade platinum‐palladium zones;

D. identify controls on mineralization that can be projected elsewhere in the vicinity of Eagle’s Nest to assist in exploration for new Ni‐Cu‐PGE deposits.

The area immediately surrounding Eagle’s Nest contains numerous geophysical targets. The exploration program for fiscal 2011 includes drill testing targets that will be derived by:

  • committee review of all available geological and geophysical data collected to date;
  • extrapolation of the litho‐structural controls on mineralization identified at Eagle’s Nest; and
  • results of deep penetrating ground and borehole geophysical surveys.

http://www.norontresources.com/Investors/getDocument/not-MDnA-2010.pdf

There's a couple more goals in there.

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Then finally there is the last presentation Sep 2010, which disregards the above goals, as some have been acheived, while others are still due. There is however another list. Slide 12:

http://www.norontresources.com/Investors/getDocument/RR_Presentation.pdf

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Point being, these are, as far as I can find/see, the only goals and parameters retail has to argue any view of unimpressive performance by the BOD. The dates as you notice are vague, sometimes not even present! So we don't have a very strong position. I expect most questions regarding planning/goals will be rejected mildly with an answer in the following form "a yes, that goal is on its way, will be done this coming quarter" or "we postponed this goal to .... XX/XX/XXXX"... Anyone present at the meeting, should pick out a couple of goals which have not yet been acheived, and ask about what we can expect from these specific goals. (ie. when will they be done, details details details...)

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