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: Re: Noront Resources Announces Filing of Preliminary Short-Form Prospectus

You are right $10 million is for general capital expenses. That is most likely going to be used to complete the detailed feasability study for Eagle's Nest. There is still a lot to be done in terms of underground infrastructure layout which involves geotechnical drilling as well as more metallurgical and related test drilling needs to be done to determine the best mill flow sheet. Also the bedrock surface topography is not known well enough yet to establish a ramp location so money needs to be spent to establish that. This all needs to be done as soon as possible assuming the road gets built and mining starts as anticipated .

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