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: Quarter I Interast Payment
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Third Quarter Interest Payment on Convertible loan from RCF was unpleasantly high

at 1.6 Million + Shares of Noront. If RCF opts to get paid in shares again we can look

at even less pleasant ( IE higher) number of shares needed. Average price the last 20

trading days of March was $ .24 , with out Volume Weighting. That compares to

average of $.245 for previous Quarter. Lookin for Payment of 1.7 Million shares

+ or - 100 K. We should know early next week.

GLTA,

Fossil

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