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: Matawa MOUs too Much

Again, IMO, the other First Nation communities of Matawa can complain all they want.  It does not change the fact that their jurisdictions are nowhere near the proposed development, or even downstream.  Mushkegowuk, in this respect, has more claim over any MOU with Noront then any other Matawa First Nation that does not already have a MOU.  The MOUs that Noront have in place are there for obvious reasons.  I believe they have no intention of diluting their stock further trying to appease the rest of Matawa.  That to me would be futile, and from a business standpoint ridiculous and irresponsible to the true shareholders.

Besides, we all know the actual beef that Neskantaga and Eabametoong have is not with development, but instead with what they perceive to be their share of whatever IBA.  So, unless Noront makes all of Matawa a substantial partner, which is highly unlikely, then my feeling is they will establish MOUs with only those who truly matter, and are willing to see the Ring of Fire developed.  Other than proving to everyone that their mining in the Ring of Fire will be done responsibly, to avoid any environmental concerns, Noront really has no obligation to the rest of Matawa, especially if it is financial.  Any obligation of this sort only lies in offering employment to the First Nations, whether they are part of Matawa, or not.

Noront should not pay these other First Nations just to shut them up.  That, in itself, would appear suspicious on many levels.  Any entitlements these other Matawa First Nations receive should be negotiated among themselves, and with the Provincial, &/or Federal Governments.  They should not expect anything from Noront until such time that they become shareholders by virtue of using their own money to invest in the company.  By no means should Noront get involved in what may be perceived by others as bribery.  These other Matawa First Nations should not be paid off simply to allow progress in the Ring of Fire to happen.

Any progress should be allowed because it is the right thing to do, both for the First Nations, and the rest of Canada.  Not because it is in the best interests of a select few who have their own personal gains and agendas to satisfy.

TM.

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