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: More news on Cliffs Announcement, Road/Smelter etc.

"50 to 100 truckloads of ore and concentrate will be loaded into as many as 100 rail cars near Nakina and bound for the ferrochrome smelter north of Capreol daily."

A few (facts?). 1500 tons of ferrochrome/ day production will require 3600 tons of chromite concentrate. This will require 2 -100 car trains a week. If they are shipping an equal amount of concentrate offshore, they will require 2 trains a week going to a different location (port).

4 trains a week will require 800 truckloads a week coming out of the ROF, or 41,600 loads a year. With road restrictions during breakup, etc, they may average 250 days a year of actual hauling. This translates into 166 loads a day. It will take a 12 hour day to make one round trip.

The above does not take into account local traffic, or Noront's requirements, but to build a road capable of this kind of traffic, it will be cheaper to build a railline, no question about it.

Best regards

K

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