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: Cliffs Natural Resources battles takeover today

Hi Luker,

Thanks for this timely post about the KWG letter to shareholders. It contains this little gem from Frank Smeenk that should end all of the nonsense about the North/South corridor for now. Mr. Smeenk makes it clear that he feels the East/West corridor is the best investment to make first, followed by heavier infrastructure (such as the railroad) at a later date. This is in line with what many others have been suggesting and Mr. Smeenk's change of emphasis is most refreshing, as it will help to move things along now. The quote is pretty straightforward as follows:

"We also believe that a forestry road from Mishkeegogamang to Marten Falls, and then north across the Attawapiskat River to the Ring of Fire should be built first (he is referring here to the East/West corridor). It could connect Eabematoong, Neskantaga, Marten Falls and Webequie to the Pickle Lake highway and enable the supply of construction materials and equipment for the development of the Ring of Fire. It could be used to truck nickel concentrates out. A scoping study that we had completed suggests that the cost of such a road could be very reasonable when compared to the alternatives. This would seem to us to be a highly desirable initial investment to make to set the stage for development of the Ring of Fire." He then goes on to discuss the railroad a bit.

There was a perceived conflict between the companies that has kept both the bureaucrats and politicians in a state of paralysis for some time now. Hopefully, with Mr. Smeenk's change of emphasis, they will now see fit to move ahead. Fingers crossed. I am sure that Noront is very pleased with this development.

RHammer

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