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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With all due respect, I do not believe that the "necessary course of business" exemption applies in the case of the 2.9 g/t assay. This was a "material fact" according to the definition below, taken from the Securities Act.

6 Securities legislation defines a "material fact" as follows: "material fact, where used in relation to securities issued or proposed to be issued means a fact that significantly affects, or would reasonably be expected to have a significant effect on, the market price or value of such securities".

Noront should have disclosed that information. To not release that information after the long lead time to the actual "bulk sampling", was inexcusable IMO...........2.9 g/t Au in a large tonnage, potential open pit situation could be considered very interesting.

Respectfullly submitted

geoprof

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