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: DE1 just got a whole lot BIGGER...

Joe... I do see the larger linear structure as being a possible zone in which a new mining camp might exist, similar to others in northern Ontario.

However, at this juncture, and in my view, I think the areas and anomalies occuring in the immediate vicinty of established discoveries like NOT's DE1 hold the highest probability of being similar discoveries.

As JohnDefur points out, there is no certainty that 1-1, 1-2, 1-3 and 1-4 are the same thing, but he is no geophysict and neither am I. However, logically, the fact that they exist within the same geophysical data set and in close physical proximity make the probablity that they are the same or very similar reasonably high.

I believe that NOT has not yet drilled 1-2 precisely because it is so close to FNC and it would highly factor into strategicc planning considerations by inflating FNC's market cap. To be clear, although NOT and FNC are working together, I think NOT will downplay FNC's propects for as long as possible, which is why 1-2 has not yet been drilled.

Furthermore, it would be in NOT's interests to 'hit' on other anomalies further away to establish that there is more to Mc Fauld's Lake that what is in the neighbouhood of of DE1, demonstrating clearly the value of the property and potential over and above anything around DE1 and FNC.

Regards,

B.

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