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: Loan Int. Payment
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Average price of Noront shares for the purpose of quarterly interest payment

on RCF loan is in. Crude calculation ( without Volume Weighting ) gives us

average of $ .6265 which should result in RCF receiving payment for current

quarter in the amount of 660 thousand shares, plus or minus 50 K.

It will be paid to RCF around July 15 or so. I hope that absence of Volume

Weighting will not skew that number big time since last tree down days were

high volume days. Looking back it is still the smallest amount since the

inception of the $ 15 Million loan and light years removed from numbers

suggested here last December. Here is hoping that next quarter will be just

a fraction of current one.

Have a safe Canada Day.

GLTA,

Fossil

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