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 dilution?

After the April 10/15 payment RCF will have 53 Million shares of Noront. And if the

US $ 15,000,000.00 loan is not dealt with by Dec/15 they will receive 33Million

shares @ $0.45 as a full payment of loan.Where we will get hurt is that because of

unfavourable CD Dollar rates it will need about 11-12 more Million shares to satisfy

loan payment. Besides there are three more quarters of interest to be paid.

I posted a while back that RCF is already deemed a controling entity.

Hope this helps somewhat.

GLTY and all

Fossil

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