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: windfall news

Isn't this good for Noront too?

Under the terms of the Agreement, Eagle Hill will, subject to a financing
condition and regulatory approval, be entitled to earn up to a 100% interest
in the Property, in the following transactions:

1. a 10% interest upon payment of a consideration payments of
CDN$600,000 and incurring expenditures of CDN$500,000 on the
Property;
2. a further 41% interest upon incurring CDN$2,000,000 in expenditures
on the Property; and
3. a further 24% interest upon incurring CDN$2,500,000 in expenditures
on the Property and consideration payment of $400,000.

The Company will retain a 25% carried interest to the earlier of
completion of a bankable feasibility study (the "BFS") or a commitment to take
the property into commercial production after which the Company would be
responsible for its working interest of additional expenditures.
If Eagle Hill does not complete a BFS or commit to take the project to
production, then the Company will have the option to purchase back the 75% of
the Property, within the applicable period from Eagle Hill.
At the time of completed BFS or the project has commenced production, the
Company will have an option to either:

a. convert all of its interest for a 2% net smelter royalty ("NSR"); or
b. retain a 25% interest in the Windfall Lake Property and be
responsible for its pro rata costs to go into production and will
receive compensation for its costs to date from production after
certain expenditures are repaid.

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