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 gov't has said...

"19,9 % holding by Baosteel + some supply /standstill Agreement with the latter... And perhaps another major discovery in the meantime...! Hey, a little dreaming does no harm..."

Not really that much of a dream, BaBe. Baosteel has until May 2 to make some very important decisions. Before then, and probably already, they will have all the necessary info as to whether Noront could include some chrome mining and processing that they could acquire control of in some fashion, such as an offtake agreement. It is a safe bet that some time before that may 2 date, they will make some committment, which will solidify Noront position going forward. I suspect CLF may be trying to 'one up' their plans by suggesting they would like to ship a mill tons of unprocessed ore. For sure, Baosteel is there for the chrome, more so than the nickel.

The bottom line is that Noront theoretically has the ability to be mining both nickel and chrome while CLF is still trying to get permitting done.

And, as you say, BaBe, Noront has drills turning. Who else does?

Best regards

K

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