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: CORRECTION - Noront Resources to Acquire Cliffs Chromite Properties in the Ring
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(interest compounded yearly - added at the end of each year)

Year Year Interest Total Interest Balance
1 $1,575,000.00 $1,575,000.00 $24,075,000.00
2 $1,685,250.00 $3,260,250.00 $25,760,250.00
3 $1,803,217.50 $5,063,467.50 $27,563,467.50
4 $1,929,442.73 $6,992,910.23 $29,492,910.23
5 $2,064,503.72 $9,057,413.94 $31,557,413.94
Standard Calculation

Base amount: $22,500,000.00
Interest Rate: 7%
Effective Annual Rate: 7%
Calculation period: 5 years

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