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: AGM

I did Ringer.

I don't have much time right now, but I will try to supply a few input...

For the moment, I remember the following.

1- Three new additions to the Board and Management team, with lots of skills and experience in technical and management related to mining...

2- Holdings: Noront now controls about 75% of mining area in the RoF (A rare situation enywhere in the World!) Focus is on Eagle's Nest nickel (to be mined first), Blackbird chromite to follow or piggyback Eagle"s Nest. Of note: North America's demand for ferrochrome is not so big, Noront has a goal to supply half of it. The other deposits (BD, BT) will follow the demand, commodity pricing and infrastructures...

3-Infras: East-West route is the one supported by Noront because it is the most advanced and the most ready to rally the FN. Noront is not closed to the N-S rail project, but there are no Bank FS, no Gov/FN agreements, no Enviro Assesment in the way (the latter could take years!) Noront is eagerly awaiting the SNC-LAvalin Study in June and most of all, an "holistic Plan' by the Prov-Gov next Fall, integrating every subject (FN, Enviro, finance, etc...)

4- Explo update: enough Chromite inventory for the moment, the Company will search for more nickel, and also copper-zinc in the northern end of Ring. Palladium is not neglected also...

5- FN/GOV relations: Noront is committed with natives employment, for instance, 25 out of 35 employees in the camps are from FN. They stick to their promises toward them, pairing skilled natives to non-skilled to avoid excluding less skilled workers. Noront is involved with social programs, drugs addiction programs, etc... So Noront keeps a achiver reputation with the different communities...

Sorry for the quick and incomplete summary, I will try to come back in a few days...

GLTA!

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