Agoracom: Small Cap Investment - Noront Resources

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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posted on Mar 15, 2011 06:21PM

From the MD&A

During the nine months ended January 31, 2011, the Company engaged Cementation whom has subcontracted
Penguin Automated Systems; both Cementation and Penguin are working under the
direction of Micon International, Lead Consultant for certain technical studies. The Company’s Chief
Operating Officer has a 38.5% ownership interest in Penguin. Professional fees paid to Penguin for the
three and nine month period ended January 31, 2011 were $223,799 and $623,973 (three and nine
months ended January 31, 2010 ‐ $NIL and $NIL) and the amount due to Penguin as at January 31, 2011
is $120,059 (April 30, 2010 ‐ $NIL).