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: Noront Resources Announces Issuance of Stock Options and

Cliffs property has Not been exactly a cash deal. FrancoNevada obtained a royalty for granting the loan which paid for the Chrome. Different kind of dilution than share dilution. FrancoNevada has a first mortgage on the Chrome, If RCF would have done it they would have had to bid for the entire company, not their specialty to really run an exploration company, better at arm's length.

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