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: From broker research

From broker research

posted on Dec 11, 2009 09:46AM

Noront Resources Ltd. (NOT-V) : Initial Blackbird Resource a Starting Point; Eagle's Nest Extended at Depth...as Expected

Blackbird chromite resource - 15mm-tonnes and growing.
Maiden resource estimate prepared by Micon Engineering yields 8.9mm tonnes of chromite in M&I category, another 6.1mm tonnes in inferred.

World-class grades, widths & Cr:Fe ratios cannot be ignored.
Potential regional and Eagle's Nest-related synergies lower hurdle rate for chromite prod'n, but more tonnes needed to be of strategic interest.

Drilling extends Eagle's Nest to 1,100 metres depth...as expected.
Hole 69A cuts 59.9 m grading 1.4% Ni & 0.84% Cu, beginning 1,094 m down hole; such extensions already accounted for in our model.

Maintain Buy rating and target price of $2.80.
Target based on a 0.85x multiple of
NAV10% of $3.31/sh (unchanged). Potential for ~$4/sh by selling Cr2O3/PGM stream & exploration success.

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