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: Micron Prefeasibility Study 2011 - cost sharing

Just as a reminder here are Noront's 2011 assumptions when they were going it alone:

The total estimated pre-production cost of capital is $734 million comprising $170 million for mining and $566 million for the process and infrastructure. This estimate assumes that the costs for certain off-site infrastructure will be shared with other users, with the Project bearing 25% of the cost of an all-weather road, 50% of the cost of a power line, and 50% of the cost of a winter road, required during construction. Assuming the project bears 100% of these cost items the total cost of pre-production capital is estimated to be $838 million.

An all-season road will be constructed over a distance of approximately 210 km between Highway 808, some 40 km northeast of Pickle Lake, following the existing winter road, to the greatest possible extent, to the new facility southwest of Webequie. The gravel-surface road will be 10 m wide. From Webequie, access to the mine site will be via a 90-km winter road.

Power will be provided by nine 2,600 kW capacity diesel generator sets Standby generation capacity of 2,000 kW will also be provided at the McFaulds Lake project site. Power will be transmitted to the mine site via a 90-km long overhead double circuit 69 kV transmission line.

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