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: Tonnage

I believe that tonnage cannot be released until an NI 43-101 report is available, because you need a qualified person to calculate the volume, density, etc. I am sure that Noront's management has a pretty good idea of what  tonnage has been outlined so far, but we will not have official figures for a while yet.

The steps needed for the 43-101 are:

1) Finish the drilling of DE1 (approx 6 more holes, more if it gets larger - though Nemis may decide to arbitrarily limit how much of the resource is defined in the 43-101 so he can get the results out.) If we are lucky this will happen in early of February.

2) Wait for the hole assay results (Anyone's guess at this time.)

3) Hand off all the results to the engineering firm that will prepare the 43-101. This includes volume & weight calculations, metallurgical tests, etc.) The handoff may have already occurred, though obviously they do not have the full results yet. I would guess that they will do as much work as they can while waiting for the final assays, so that when step 2 is finished we will not have to wait long for the 43-101.

 

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