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: The Enviornmental Process Has Begun

I would have thought that the CEAA press release, initiating the Eagles Nest E-assessment process and setting Dec 16 as a date for filing public comment, would have been a significant milestone in the Noront saga. I expected and still expect this to push our sp back to at least the high .80s or so. In hindsight, isn't this probably the likely reason we ran up in the first place. So markets aside and even though we are showing low volume green today after 7 or so days of red, I wondering if this announcement has been missed or needs time to sink in.

One thing I am confident in is the fact that our mgmt and BoD are very ready for this. It and the FN relationship is what they have been focused on over the better part of the last 2 years. It is what we often criticized them for doing and now it is going to bear fruit. While, I am aware that there are many obstacles within this process to overcome, I am confident that all issues of significance have already been spoken to and dealt with. I am not saying this is a slam/dunk, but does anybody truely think that this application will not be successful? They even have an alternative, a bad guy, Cliffs to reference as needed. To me differing from Cliffs, Noront has ensured they are on paths of least resistance, they are ready to achieve their timelines and I am proudly ready now to participate in this historic Cdn success story. I know syruppy at the end. but I believe it.

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