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: Stillwater

Yes they are conservative, very in a lot of peoples opinion. Sorry about my math. Just add 20% premium to see we should be trading at $8.40 instead of where we are trading.

Honestly right now a $7 trading range is about where I think Noront should be trading. Obviously the market doesn't think so and it has made me come around to accepting that some market manipulation is at work.

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