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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I understand that Exploration Permit could be an opportunity for Noront to start

an advanced exploration ramp or a shaft, but without a mine permit wouldn't be too risky

for a big investor to invest 30 -50 million for a ramp when you don't know if during this last

stage of EA process first Nation will not back off during process ? How investor will be

confortable to lend so much money without this insurance. Just saying ...

BigD

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