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 Growing Noront Team--Not a One-Person Show

I think the management has done a very good job. Remember, they have been thrown curve-balls left and right.

First of all the market has gone sour the last half a year or so, and in particular to get financing has become very tough. But then again, I have lost more money on other stocks

Secondly, the geology has changed constanly meaning that the geologists have had to adjust on the go, and also that the people to which the management has had discussions also has changed or at least expaned with time. This must have put a lot of strain on the resources.

Going to the 'full' TSX is in my mind not an issue right now, I think they have other more important thins to work on.

Takeovers will not come easy. Majors look for 'proven' and not probable resources. Ideally majors like to wait as long as possible before spending money, partly to reduce risk but also to decrease the time from initial investment to cash generation. Let the juniors spend the time and inital investments required to proove up and to learn as much as possible about the area before going in. I don't think the management can do much about this.

In my oppinion, let them focus at what they are good at and what they have been doing all along, discover new deposits

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