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: A super start.

No question but Management being more open about ongoing exploration would provide more confidence.

A small example would be just telling us how many weeks of drill core was stockpiled during spring breakup and now sent to the labs? I can't believe they paid to helicopter out core samples and stockpiled instead but sure can't confirm that with Noront. While not terribly important and a good financial decision it does change timeframe for assaying cores drilled and when we could expect news. That's pretty important to me and I'd like to know the answer.

A big example that can be laid at the feet of current management is the way they handled and delayed reporting on the Windfall sampling. That was and is disgraceful and while I might agree ROF is potentially far more important it doesn't mean they should ignore years of work on Windfall.

Like many I get 'bitchy' when it becomes obvious exploration results are not released on a timely basis. Here's hoping that attitude will change this week with the past due release of results.

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