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: Cash Burn Rate

Agreed. We should find increased expenditures for both DE and Windfall for Jan, Feb and March, possibly quite a bit higher. Windfall was delayed for approvals so a lot of heavy and expensive work on portal being done and likely to continue for additional 3 months.

Nothing to be concerned about since cash is there and exploration getting good results at McFaulds properties. Windfall cost likely to be recovered fast as Noront can likely get mine approval and start producing quickly.

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