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: Has phase 2 of the program started yet.

I think the reason there has not been more drilling was because of the cost involved, particularly with the financial situation that Noront has found itself in over recent years. The cost of drilling involves a host of factors aside from just fuel and manpower to operate the drills. One has to consider things such as accomodation, support staff (cooks, maintenance staff, transportation of bodies, fuel, food etc.) amongst other things. When NOT had the drills turning full tilt some years ago, it was at a huge daily burn rate. I don't recall exactly how much, but perhaps there are some others here who can come up with that number.

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