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: DE1 Spinoff ??...dony CMP....
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I don't beleive we have any outstanding warrants...

On March 28, 2008, there were

- 125,563,082 common shares issued and outstanding,

(from latest NR, May 9 : Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 125,568,083 shares issued to date.)

- 2,875,000 stock options outstanding with a weighted average exercise price of $1.37 expiring between 2008 and 2012, and

- 5,283,500 warrants outstanding with a weighted average exercise price of $0.75 expiring in 2008.

And that is excluding the latest PP.

So with a spin-off scenario the option and warrant situation would need to be addressed.

FANTOMAS

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