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: ...Just Suppose.....

Pete,

I have been mulling over the same idea, time and time again. Why does a company, so heavily in debt, go out to spend more money. Simple, because of the old adage that goes, "You have to spend money to make money". So.....don't we have enough already to prove our worth. Apparently NOT. The powers that be must be asking us to go forth and multiply, because no CEO in his right mind would risk so much unless he had the backing to do so, and a hell of a lot to gain by doing it. Any other mining company would have said," You know what? We have enough on our plate. Let's go slow and watch our spending". But instead, we follow this "Reverse" logic that says, "Don't Worry. Spend More. We Know What Were Doing".

My personal view about everything has not changed. I believe my investment in Noront is sound, and I think everyone else including CEOs, First Nations, levels of government, retail investors.....believe likewise. But, more importantly here, you have reminded us about our institutional investors. Institutions like Franco Nevada and RCF........But let's not forget the private old money investors in the background...For I am sure they exist....You know.....The greedy elitest rich folks, who play for keeps, and never lose. These hidden entities I know will ensure that our investment pays out, for they have been watching all along, and have no problems extending the cash to us, knowing they will see more in return. Hence the orders to "Drill, drill, drill !....Don't worry about the cost.....It's covered. You'll have more than enough to pay us back later".

Our government too is prepared to spend the money, because the money to do so has been made available; Building Canada Fund, Past Conservative Surplus , Funding to Establish Reconciliation with the First Nations, Harmonized Sales Tax..... But in view of our current situation I would have to say our First Nations are not prepared to see their future; not just yet. It has taken them this long, and maybe longer, to trust anyone outside of their own. This being said, I think they are fearful of us and the unknown, and worried about making mistakes that may cost their people, and land, dearly. They have always had the choice to shelter themselves and hide from the rest of the world, but this will not help them grow to see a brighter future. Unfortunately, Bob Rae's notion of the Ring of Fire, as a so called "Magic Bullet", may perhaps be the swiftest way to ensuring a their future. Whether they accept this or not, this appears to be the best starting point.

The good part about all of this is that for the most part Noront understands this, and has been patient with the First Nations; since day one. But as Coutts has so bluntly put it, "Noront is a Mining Company". Not a road company or infrastructure builder, but a "Mining Company". They are in this business to make money. The other aforementioned roles, other than mining, are the government's responsibility, and the reason why we are waiting so long. The spending in turn, which should have happened already, is not happening because our First Nations are worried about the mining companies. Sooo.... the mining companies talk to the First Nations... but that's not good enough....Then the government gets involved....So.. the government talks to the First Nations...... Who say they need more time.......then the mining company says...... ; merry-go-round.

I truly believe Cupcake, or Pete, that once this merry-go-round stops, and everyone gets off, that we're all going to be a little dizzy. Our First Nations will hopefully be starting their new life, and the rest of us, who have invested our time and money to see this thing happen, will receive all that we deserve, and more, in return.

GLTA,

TM.

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