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: Spoke to Alan Coutts may 27th
Yesterday morning I had a 3/4 hour chat with Alan Coutts. I framed my questions by establishing some agreed upon background and facts that helped me ask the following question: - "What can be done by Noront prior to the June 12 election to kick start RoF/NOT development". But first the background/facts which we touched on, in no particular order: 1. "We have funds for investment". (Eg ) buy chromite claims. 2. Awareness of my call with Paul Semple, and specifically, "shovel ready"; build the EW road ourselves"; "special purpose funding vehicle, such as the 407 highway 3P". CLF gone. 3. I suggested that the following entities were/might be ready to join the "special purpose 3P": --: Not; FN (9 eagles Nest area FN communities); all ON political parties; PRB and CLF chromite claim; BOA/RCF investors; and Fed's (maybe even before June 12th ??? 4. Election to date: Houdak ""we'll work with business", and public and support (per Vic Fedelli), publicly support and prefer the EW corridor. Wynne: "$1b over 10 years, not contingent" and general verbal NDP leader RoF support with no financial specifics. 5. "Kick start" = "kick ankles" Below forms the basic responses to my question, in no particular order: A) - need EA approved (and attendant permits) for our timeline. This means that the FN must approve EA , not just governments. FN are not onside at this point ,and the 9 local FN entities are not enough, according to FN Ontario wide leaders. Ontario MoE is supposed to be talking to the FN and has made "woeful progress; dragging its feet", and is slow to respond to federal DoE reviewers' requests for comments when ON asked for comment on a timely basis. NOT strategy is to earnestly and persuasively trying secure FN support through its actions such as jobs for young FN training success to date: including: 160 students- 140 graduates of "pre trades" course. Further training has started.purchasing CLF camp (very well received) accommodation and equipment assets to house over 200 employees B) - pre-permitting will not be requested as it may be perceived as "bypassing" the EA process by the FN; C) -the Ontario FN "Framework" agreement" is perceived as only a shell of an agreement with no meat , and needs reasons for hope by the FN; D) an independent Noront financed EW winter road can't proceed without permits; E) - Ontario is afraid of FN blockades and is hiding behind "consultation"; F) - can't take prior June 12 action that may "shame" liberals , andas election outcome still in doubt May cloud any business relationship with the eventual winner. G) - Peter Kewitt construction Inc (sp?) has been hired as NOTs construction contractors (they built the Quebec mine when Alan was in charge, I believe; F) - The Ontario Development Corp announcement is another shell agreement , so far; G) absolutely no mention of KWG and a railway requirement. Noront is "shovel ready" waiting immediate start work , hiring with approved permits My private comments: re empty promises: -where is: Hard evidence of Ontario RoF details and progress is long overdue . Where is any evidence of action and progress from Ontario on the following prior RoF announcements: - the RoF secretariat; - Drummond report implimentation - the Deloitte report; - Ontario MoE participation in seeking FN cooperation/approvals for EA; - what is the FN framework, and where is the detail for the FN Q: If the RoF is $3B, what does $1B over 10 years mean.?? Aside: I found my Interview conversation with Alan to be very reassuring as to his leadership obvious experience and attentive listening skills, (having ignored my many mumble/ stumbles.). IMO, Depending upon the coming election outcome, the timeline unknowns will become clear. Peter
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