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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I would suggest shares of Noront for the FNC claims in the RoF. FNC has lots of other potentially great projects and Peter could probably use a more focused approached to his properties.

FNC currently has a MC of about 20M fully diluted. They have projects near GNH where they have committed to drilling. They have a few good iron ore projects as well. Noront could offer something like 10M shares of Noront for the claim blocks of FNC in the RoF. This will strengthen Noront and their position in the RoF and permit FNC to keep going as an independent entity that still has great projects to work on.

Now, do not shoot me for the valuation above, it is late and just wanted to put it out there without too much thought. In the end, I believe there is a formula that would work for all parties here.

Glorieux

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