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: Non dilutive financing
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Fossil is correct. The six mill doesn't come to Noront.

It is an interesting hammer though that they are using on EAG. If they don't accept, Noront exercises the back in option with the six mill from MAO, and they wind up with only that, rather than the 30 mill being offered.

K

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