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: What's Your Take on the North/South Route?

1. There will be only one route built. It is simply too expensive to build two.

2. A permanant road to the site is very valuable. Noront's east/west plan did not have this. Cliff's north/south route does.

3. The north/south plan probably eliminates the pipeline, saving that capital outlay.

4. The large tonnage of chromite, either Cliff's or Noront's, compels a shorter, more direct route, which the north/south road is.

5. Noront will likely capitulate on this and accept and share a north/south roadway, even if this delays mine startup dates.

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