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: Amended & Restated Short Form Shelf Prospectus.............

I also wonder how much of a priority it will be to complete further infill drilling on Black Thor, Black Label, and Big Daddy (I personally would forget about Black Label, based on current data available). The estimates from the July 27th release of the 43-101 indicated approximately up to almost $6m to complete the PEA and then proper infill diamond drilling into these deposits. I wonder what time frame is currently being considered for such information, whether it's short term or will wait until after the nickel mine is in motion. Right now, Black Thor looks more appealing to Noront due to it's significantly larger size yet comparable grades to Big Daddy, and also due to it being 100% owned instead of only 70% for Big Daddy. Infill drilling would certainly help confirm this assessment, especially if Resources can be moved to the Reserves category. But would it be wise to spend this money immediately?

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