I though I would try to get some clarification/ news by calling Paul today, in light of the negativity created by McG inaction/parliament prorogueing (sp?) and CLF's alleged delays. (Pauls comments on CLF Sudbury vp speach yesterday were taken by Paul as no official clf delay, just laying out the "non controllable factors).

My comments are not in any particular order with my personal comments in brackets. Paul knows that I will report to this board and therefore does not answer questions he can't (fiduciary) and I hope I got information correctly. Some info may be known already, but possibly with a new slant/perspective.

Here goes, in no particular order:

1. Re: McG paroging effect on Permitting and NOT's FS mine start in 2016. Prorogueing (sp?) means to NOT: a) no ON spending if $ not budgeted and b) Minister will not sign off on a permit untill all beaurocrats have signed off.

-all beaurocrats are "working on the permits now" and jan 25/13 is the bureauocrat signoff target, therefore the permitting is still on schedule for ministerial sign off in "late spring, 2013" when new ON government will have been elected.

2. re: Financing: The completion of the FS and delivery to Baosteel was a condition for BAO's exercizing its 24 month option for additional share (apprx11M @$1.46? by june 2/2013 option uptake deadline. It was implied that this was one of a variety of financing options available for any funding necessary in mar-apr 2013 timeframe. BAO can trigger this anytime prior to june 2/13. Also, It was felt that this would influence the sp upward. Additional financing options could include raising finacing in "tranches" over time which would likely raise the sp for any "new money" raised, and therefore minimize any share dilution. all Tech plans are completed and financial plan is being worked on now.

3. How does NOT/RoF get on radar screen of politicians? "Politcking will begin shortly". There is growing concern about the rapidly rising cost of financing due to global weakening economies; Obama election is raising cost of money; and ON credit rating deterioration. Hence cost to build the mine.

4. re; FS mine build schedule for 2016 start-up: "2016 startup still obtainable". "All season road still in play" (in NOT plans). RR (ONTR Group) not in [plans, but would use if comes to fruition and per for use pricing per FS price assumptions.

-Nothing has caused the FS plan to "stutter", but the McG has not helped the financing efforts. All fin options are still available but fin costs still unknown; there is worry about higher financing costs due to US election results. "Obama effect on financing costs being assessed as we speak". Rising "Fin costs are a world wide (global) issue now".

5.Will heavy euipment be moved in this winter on winter road (to begin (eg) portal,etc work? "NO. -We have pulled back on equipment in winter 12-13, will make uptime: Mine start will move from Mar/16 to June-July/2016. (this is a bit earlier per my previous understanding).

6. IR (Ingrid?) was in attendance on the call. My "Should an investor be concerned for any reason" questions were answered in the usually fiduciary-comlpiant way with a possitive overtone.

Peter