Hmmm. Looks like you are correct, Paliman. Looking at the annual MD&A for the year ended April 30, 2011 (released July 28), in the "Objectives and Strategy" section it states:

"The objectives for fiscal 2012 are to:

* complete a pre-feasibility study on the Eagle’s Nest deposit and target completion of a full
feasibility study on the Eagle’s Nest complex in the 2nd quarter of calendar 2012;"

Thanks for catching this!

So if anything, it looks like Noront's timeline has pulled in a bit for completing the full FS. Perhaps the earlier estimate was based on input from former employees and/or board members who were less experienced in bringing a nickel mine to production. Consider the addition of Mr. Ted Bassett to the Noront BoD in October 2011,

"Mr. Bassett is a Professional Engineer with over 40 years of experience in mine engineering and project management. Most recently, Mr. Bassett was the Project Director, Jansen Potash Project, BHP Billiton. Mr. Bassett has a successful track record in the supervision of and construction of large capital projects including: The Olympic Dam Expansion Project, The Goro Nickel Project, the Voisey’s Bay Nickel Project and the Diavik Diamond Mine."