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: RCF Holdings

Also, as for RCF, I'm not too concerned about their participation.  In fact, I'm glad of it.  For one, as they continue to hover just under 20% (no doubt for obvious insider reasons) their ownership of the company might be considered to be unchanged over time.  At the same time, if they do a conversion of their loan to shares, that conversion becomes less over time when considered as a percentage of the company.  So their continued accrual of interest shares is benefitting them with respect to maintaining their ownership just under 20%, but at the same time diluting themselves in the future with respect to their conversion shares.  And a number of other financial and accounting considerations come into play.  It's a pretty complex situation, much more so than it appears on the surface.  And of course, made more complex when wondering about how many dark shares they control unofficially.

The bottom line (for me) is that RCF's continued participation is one of the greatest reassurances I have that my money is safe in Noront (other than Babjak's research).  They know what they're doing, and I'm happy to ride on their coat-tails.  If RCF ever walked away from this company, that's when I'd know that my investment is screwed.

Of course, anyone in this for the short game would disagree.  RCF is in it for the long game, and so am I.  Albeit, longer than I had anticipated!

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