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: The 30,000 foot view

Realistically, Noront does not have the means or power to pursue a gold deposit. The original idea to sell off Windfall for a top price to cover the cost for exploring the ROF did Not succeed. The bonanza hole and the ramp, partially paid by the shareholders, were not sufficient, although Osisko holds it as its flagship today. NOT is better off to focus on co-operation with KWG, that is primary business, top priority to move forward against the resistance of other stakeholders. After the road announcement, many had suspected a major increase in value, as that is what this forum kept saying, we need a road announcement. It will take some time again to settle in, Justin will be there for this reason beginning of October. It would be unwise to view a potential gold discovery as positive, given lead times, dilution and complexity of the entire project. Shawn Ryan has moved to Labrador, with the Nikos vehicle, Windfall was a set-back, nothing like Probe, and it took them a few years to cash in. Needless to say, Noront should be focussed entirely on the existing worldclass Discovery, more than enough.

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