Reserves & Resources


National Instrument 43-101 Compliant Reserve and Resource estimates have been prepared for the Eagle’s Nest and Blackbird deposits. The economic assumptions for these deposits are periodically updated in light of changing commodity prices. Please see the latest Project Feasibility Study for current assumptions.


Eagle’s Nest Mineral Reserves & Resources
Tonnes (000) Nickel (%) Copper (%) Platinum (gpt) Palladium (gpt) Gold (gpt)
Reserves
Proven 5,264 2.02 1.04 1.01 3.45 0.19
Probable 5,867 1.38 0.72 0.78 2.76 0.18
Total Proven and Probable 11,131 1.68 0.87 0.89 3.09 0.18
Resources
Inferred 8,966 1.10 1.14 1.16 3.49  0.3
gpt = grams per tonne
Blackbird Chromite Resource
Tonnes (Millions) Cr203 (%) Cr:Fe
Measured 9.29 37.44 2.00
Indicated 11.17 34.36 1.95
Measured & Indicated 20.46 35.76 1.97
Inferred 23.48 33.14 1.97
Please see the report titled “NI 43-101 Technical Report Feasibility Study McFaulds Lake Property Eagle’s Nest Project James Bay Lowlands Ontario, Canada,” dated October 19th, 2012 (with an effective date of September 4, 2012) (the “Technical Report”) for details regarding the mineral reserve estimate above (section 15.1) and the mineral resource estimate above (14.2).  Sections 14.2 and 15.1 of the Technical Report include a descirption of the key assumptions, parameters, and methods used to estimate the mineral resources and mineral reserves respectively.  A copy of the Technical Report may be accessed under Noront’s company profile on SEDAR at www.sedar.com.Mineral resources that are not mineral reserves do not have demonstrated economic viability.  The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing or other relevant issues.
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