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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One more thing, when I spoke to Scott, he said most of the PP was taken up by institutions which I was very happy to hear. Hopefully, they will release who the main purchasers of the PP were when they announce that it is filled.

Institutions willing to lock up money for 4 months on a junior is very encouraging. For them to bet so heavily on Noront means that they believe the down side risk in 4 months is very minimal. That tells me that they not only believe in NOT but also in the world economy keeping up the recovery which will support higher nickel prices which is the one BIG factor that Noront has no control over.

Glorieux

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