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: Additional report by RCF on SEDAR
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Immediately following the acquisition noted in Item 2 above, RCF owns in the aggregate, a total

of 54,122,542 common shares of Noront, representing approximately 21.9% of the issued and

outstanding common shares in the capital of Noront. 248,480,187 total issued & outstanding.

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In response to MD any " unfriendly" Entity acquiring over 20% ownership would have to make

an offer to all shareholders. Once NOT shareholders voted to make a Bridge Loan of US

$ 15,000,000 into a Convertable Loan RCF by default became controlling Entity so the

above does not apply.

Best of luck to all,

Fossil

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