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: NORONT AND BAOSTEEL RESOURCES SIGN BINDING TERM SHEET
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" which includes a
termination fee of 5% of the total value of the Offering payable by
either Noront or Baosteel, in certain circumstances, if the Offering is
terminated. Noront anticipates the closing of the Offering to occur on
or about June 2, 2011."...from paragraph 1. Does this not provide an out for either party?

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