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: Ok --IF there is a buyout on the table---

Hi Mmss, you wrote,

now i may be mistaken, and babjak you may correct me if im wrong...but i thought you "said, that wes told you, at one of the golf tourneys, that 3 or 4 dollars was what we were worth, at that time....again, going by memory,"

Back in Sept. 2010 this New Release came out.

http://www.norontresources.com/News/PressReleaseDetails/241

The outstanding shares fully diluted were 187,075,793 million. Based on the NR the NPV at a 6% discount factor was 540 million. The current spot metal prices added another 250 million to the NPV.

Shortly after this release Noront had a cocktail function in Toronto. An aboriginal film was shown. I met up with Hoov and Crazydik who were also present at this event.

During this event I mentioned the following to Wes,

"Wes, based on the recent NR of Sept.9, 2010 when I do the math and add 540million plus 250 million and divide by roughly 187 million I get over $4.00 per share. This is just Eagles Nest. Am I right in this figure? Wes replied to me, "Yes, that sounds about right." This was back in Sept. 2010.

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