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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Dear Edgy:

I couldn't let your comment (below) pass:

You said "They (Cliffs) already control all the chromite in the Ring to some degree."

You can't have your opinion both ways: "control all the cromite" vs " to some degree".

Noronts current Cr drilling will likely double that resource when the 43- NOT 101 is updated. Noront will be first to market with that resource. Noront could early up PRB's Cr via an agreement, and PRB's Cr is the cheapest/easiest to surface mine. Noront has set up a very compelling bargaining chip(s) argument in its negotiations with Cliff's/KWG, includingly particularly the total least cost infastructure to mine/market arguments.

Cliffs in control? Not to my mind.

Regards, Peter

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