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2012 Presentation

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  • 1. THE RIGHT PROJECTS THE RIGHT PLAN THE RIGHT TEAM THE RIGHT TIMEMonday, 25 June, 12
  • 2. OVERVIEW 2Monday, 25 June, 12
  • 3. OVERVIEW Corporate Presentation 2012 2Monday, 25 June, 12
  • 4. “  The  Ring  of  Fire  is  the  most  signi1icant   mineral  discovery  in  Canada  in  a   century.” 3Monday, 25 June, 12
  • 5. Overview CORPORATE INFORMATION Lis$ng TSX-­‐V PEER GROUP SHARE PRICE PERFORMANCE TWELVE MONTHS ENDING MARCH 27, 2012 Symbol: NOT 30.00%  Approx  Share  Price: 0.51 20.00%  52  Week  High/Low: C$1.00/C$0.41 10.00%  Market  Cap: ~C$118   Shares  O/S: M 230.3 0.00%  PAN  LBE  DM  FNI  NICKEL  NI  POS  POM  IGO  MUM  SRU  MBN  CML  NOT  MCR  WSA  FXR  TALV  ‐10.00%  Share  F/D: 252.6  M ‐20.00%  MAJOR SHAREHOLDERS: ‐30.00%  ‣ Resource Capital Funds 18% ‐40.00%  ‣ Baosteel Resources 9.9%; ‣ Sprott Asset Management; ‐50.00%  ‣ Middlefield Capital; ‐60.00%  ‣ Goodman and Co Investments Ltd. and ‐70.00%  ‣ Oppenheimer Funds. 4Monday, 25 June, 12
  • 6. Overview INVESTMENT OVERVIEW 5Monday, 25 June, 12
  • 7. Overview INVESTMENT OVERVIEW‣ Two near term development projects: • Eagle’s Nest, high-grade nickel sulphide deposit with copper, platinum and palladium and gold • Blackbird - high quality chromite deposit.‣ Outstanding potential for additional discoveries;‣ Largest land position (112,000 Ha) in the evolving, Ring of Fire, a Canadian mineral camp that is: • Four (4) times larger than the Sudbury Basin and • Less than ten percent (10%) has been explored to date.‣ Management & Board with extensive mine development and operations experience;‣ Compelling value proposition based on: • Comparison to other nickel and base metal developers; • Recent M&A activity in the nickel and chromite space and • Management’s demonstrated ability to advance the projects to date.‣ An economically, socially and environmentally sustainable plan; 5Monday, 25 June, 12
  • 8. Overview INDUSTRY COST OF PRODUCTIONSource:  Raymond  James  Ltd.  and  Company  Reports 6Monday, 25 June, 12
  • 9. Overview INDUSTRY CAPITAL COSTS Source:  Raymond  James  Ltd.  and  Company  Reports Note:  Noronts  produc9on  is  the  expected  average  nickel  produc9on  over  the  first  5  years  of  produc9on 7Monday, 25 June, 12
  • 10. THE RIGHT PROJECTS 8Monday, 25 June, 12
  • 11. THE RIGHT PROJECTS Corporate Presentation 2012 8Monday, 25 June, 12
  • 12. The  Right  Projects LOCATION AND LAND POSITION 9Monday, 25 June, 12
  • 13. The  Right  Projects LOCATION AND LAND POSITION 9Monday, 25 June, 12
  • 14. The  Right  Projects LOCATION AND LAND POSITION 9Monday, 25 June, 12
  • 15. The  Right  Projects LOCATION AND LAND POSITION 9Monday, 25 June, 12
  • 16. The  Right  Projects LOCATION AND LAND POSITION 9Monday, 25 June, 12
  • 17. The  Right  Projects REGIONAL GEOLOGY 10Monday, 25 June, 12
  • 18. The  Right  Projects REGIONAL GEOLOGY 10Monday, 25 June, 12
  • 19. The  Right  Projects REGIONAL GEOLOGY Eagle’s Nest (200 m x 50 m x 1,600 m) Proven and Probable Reserve 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd Eagle’s Nest 10Monday, 25 June, 12
  • 20. The  Right  Projects REGIONAL GEOLOGY Eagle’s Nest (200 m x 50 m x 1,600 m) Proven and Probable Reserve 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd AT12 AT12 (1,400 m x 200 m x 600 m) Hole metres Ni (%) Cu (%) Pt (g/t) Pd (g/t) NOT-08-2G11 122.90 0.56 0.29 0.22 0.79 NOT-08-2G12 112.90 0.35 0.10 0.14 0.46 NOT-08-2G14 74.00 0.41 0.13 0.17 0.53 NOT-09-2G28 1.60 4.16 1.72 1.51 0.70 NOT-09-2G36 2.10 3.00 0.74 1.06 2.58 NOT-09-2G37 4.18 4.71 3.08 0.77 4.29 NOT-10-2G41 1.25 4.85 1.04 0.56 3.75 Eagle’s Nest 10Monday, 25 June, 12
  • 21. The  Right  Projects REGIONAL GEOLOGY Eagle’s Nest (200 m x 50 m x 1,600 m) Proven and Probable Reserve 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd AT12 AT12 (1,400 m x 200 m x 600 m) Hole metres Ni (%) Cu (%) Pt (g/t) Pd (g/t) NOT-08-2G11 122.90 0.56 0.29 0.22 0.79 NOT-08-2G12 112.90 0.35 0.10 0.14 0.46 NOT-08-2G14 74.00 0.41 0.13 0.17 0.53 NOT-09-2G28 1.60 4.16 1.72 1.51 0.70 NOT-09-2G36 2.10 3.00 0.74 1.06 2.58 NOT-09-2G37 4.18 4.71 3.08 0.77 4.29 NOT-10-2G41 1.25 4.85 1.04 0.56 3.75 Eagle’s Nest Eagle Two (200 m x 5 m x 400 m) Low grade NiS mineralization - vein hosted Eagle Two 10Monday, 25 June, 12
  • 22. The  Right  Projects REGIONAL GEOLOGY Eagle’s Nest (200 m x 50 m x 1,600 m) Proven and Probable Reserve 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd AT12 AT12 (1,400 m x 200 m x 600 m) Hole metres Ni (%) Cu (%) Pt (g/t) Pd (g/t) NOT-08-2G11 122.90 0.56 0.29 0.22 0.79 NOT-08-2G12 112.90 0.35 0.10 0.14 0.46 NOT-08-2G14 74.00 0.41 0.13 0.17 0.53 NOT-09-2G28 1.60 4.16 1.72 1.51 0.70 NOT-09-2G36 2.10 3.00 0.74 1.06 2.58 NOT-09-2G37 4.18 4.71 3.08 0.77 4.29 NOT-10-2G41 1.25 4.85 1.04 0.56 3.75 Eagle’s Nest Eagle Two (200 m x 5 m x 400 m) Low grade NiS mineralization - vein hosted Eagle Two Blackbird Blackbird Measured and Indicated Resource 20.5 Mt @35.8% Cr2O3 and 1.97:1.0 Cr:Fe 10Monday, 25 June, 12
  • 23. The  Right  Projects EAGLE’S NEST 11Monday, 25 June, 12
  • 24. The  Right  Projects EAGLE’S NEST NiEQ Grade <0.5% 0.5% to 1.0% 1.0% to 3.0% >3.0% 11Monday, 25 June, 12
  • 25. The  Right  Projects EAGLE’S NEST -75 M Level N -75 M Level NiEQ Grade <0.5% 0.5% to 1.0% 1.0% to 3.0% >3.0% 11Monday, 25 June, 12
  • 26. The  Right  Projects EAGLE’S NEST -75 M Level N -75 M Level -600 M Level N -600 M Level NiEQ Grade <0.5% 0.5% to 1.0% 1.0% to 3.0% >3.0% 11Monday, 25 June, 12
  • 27. The  Right  Projects EAGLE’S NEST -75 M Level N -75 M Level -600 M Level N -600 M Level -1200 M Level NiEQ Grade <0.5% N 0.5% to 1.0% 1.0% to 3.0% >3.0% -1200 M Level 11Monday, 25 June, 12
  • 28. The  Right  Projects EAGLE’S NEST -75 M Level Mineral Reserve N tonnes   Ni   Cu   Pt   Pd   Category (x1,000) (%) (%) (gpt) (gpt) Proven  Reserve 5,264 2.02 1.04 1.01 3.45 -75 M Level Probable  Reserve 5,867 1.38 0.72 0.78 2.76 -600 M Level Proven  and  Probable 11,131 1.68 0.87 0.89 3.09 N -600 M Level -1200 M Level Reserve Limit NiEQ Grade <0.5% N 0.5% to 1.0% 1.0% to 3.0% >3.0% -1200 M Level 11Monday, 25 June, 12
  • 29. The  Right  Projects EAGLE’S NEST -75 M Level Mineral Reserve N tonnes   Ni   Cu   Pt   Pd   Category (x1,000) (%) (%) (gpt) (gpt) Proven  Reserve 5,264 2.02 1.04 1.01 3.45 -75 M Level Probable  Reserve 5,867 1.38 0.72 0.78 2.76 -600 M Level Proven  and  Probable 11,131 1.68 0.87 0.89 3.09 N Mineral Resource tonnes   Ni   Cu   Pt   Pd   -600 M Level Category -1200 M Level Reserve Limit (x1,000) (%) (%) (gpt) (gpt) NiEQ Grade Inferred  Resource 8,966 1.10 1.14 1.16 3.49 <0.5% N 0.5% to 1.0% 1.0% to 3.0% >3.0% -1600 M Level Resource Limit -1200 M Level 11Monday, 25 June, 12
  • 30. The  Right  Projects 2010 PRE-FEASIBILITY 12Monday, 25 June, 12
  • 31. The  Right  Projects 2010 PRE-FEASIBILITY Project Description ‣ 1.0 M tonne per annum throughput; ‣ 11 year mine life with a 3 year payback; ‣ 150,000 tonnes Ni-Cu concentrate per annum; ‣ Resource conversion doubles the mine life; ‣ Outstanding exploration potential 12Monday, 25 June, 12
  • 32. The  Right  Projects 2010 PRE-FEASIBILITY Key Metrics Project Description ‣ 1.0 M tonne per annum throughput; ‣ 11 year mine life with a 3 year payback; ‣ 150,000 tonnes Ni-Cu concentrate per annum; ‣ Resource conversion doubles the mine life; ‣ Outstanding exploration potential 12Monday, 25 June, 12
  • 33. The  Right  Projects 2010 PRE-FEASIBILITY Key Metrics Project Description Discount  Rate (6%) (8%) (10%) ‣ 1.0 M tonne per annum throughput; NPV  (a`er  tax)  ($M) $561 $431 $326 ‣ 11 year mine life with a 3 year payback; Ini$al Sustaining Capital  Cost  ($M) $734 $143 ‣ 150,000 tonnes Ni-Cu concentrate per annum; per  t  milled per  lb  NiEQ per  lb  Ni ‣ Resource conversion doubles the mine life; Opera$ng  Cost $75.31 $1.80 -­‐$0.67 ‣ Outstanding exploration potential Capital  Cost $78.79 $1.88 $2.65 Taxes $39.58 $0.94 $1.33 A`er  tax  Revenue $107.33 $2.56 $3.61 Metal  Prices PFS Long  Term  Analyst  Consensus   Nickel  ($/lb) $8.82 $9.55 Copper  ($/lb) $3.08 $3.50 Pla$num  ($/oz) $1,432 $1,770 Palladium $446 $775 12Monday, 25 June, 12
  • 34. The  Right  Projects BLACKBIRD CHROMITE CHROMITE RESOURCES IN THE RING OF FIRE   80.0   Classifica$on M  tonnes Cr2O3   Cr:Fe  70.0   (%) MILLION TONNES  Measured 9.29 37.44 2.00  60.0    50.0   Indicated 11.17 34.36 1.95  40.0   Blackbird   30.0   Big Daddy  M&I 20.46 35.76 1.97  20.0   Black Thor  Inferred 23.48 33.14 1.97  10.0   Black Creek   ‐    Measured  Indicated   M&I  Inferred  Total  CLASSIFICATION  13Monday, 25 June, 12
  • 35. The  Right  Projects BLACKBIRD CHROMITE CHROMITE RESOURCES IN THE RING OF FIRE   80.0   Classifica$on M  tonnes Cr2O3   Cr:Fe  70.0   (%) MILLION TONNES  Measured 9.29 37.44 2.00  60.0    50.0   Indicated 11.17 34.36 1.95  40.0   Blackbird   30.0   Big Daddy  M&I 20.46 35.76 1.97  20.0   Black Thor  Inferred 23.48 33.14 1.97  10.0   Black Creek   ‐    Measured  Indicated   M&I  Inferred  Total  CLASSIFICATION ‣ Estimated by “Qualified Persons” from Micon International;‣ Blackbird similar in size and quality to other Ring of Fire discoveries;‣ Opportunity to supply North American ferrochrome market (250Kt per annum);‣ Blackbird is a “pipeline” project. 13Monday, 25 June, 12
  • 36. The  Right  Projects BLACKBIRD CHROMITE March 2012 Resource Estimate CHROMITE RESOURCES IN THE RING OF FIRE   80.0   Classifica$on M  tonnes Cr2O3   Cr:Fe  70.0   (%) MILLION TONNES  Measured 9.29 37.44 2.00  60.0    50.0   Indicated 11.17 34.36 1.95  40.0   Blackbird   30.0   Big Daddy  M&I 20.46 35.76 1.97  20.0   Black Thor  Inferred 23.48 33.14 1.97  10.0   Black Creek   ‐    Measured  Indicated   M&I  Inferred  Total  CLASSIFICATION ‣ Estimated by “Qualified Persons” from Micon International;‣ Blackbird similar in size and quality to other Ring of Fire discoveries;‣ Opportunity to supply North American ferrochrome market (250Kt per annum);‣ Blackbird is a “pipeline” project. 13Monday, 25 June, 12
  • 37. THE RIGHT PLAN 14Monday, 25 June, 12
  • 38. THE RIGHT PLAN Corporate Presentation 2012 14Monday, 25 June, 12
  • 39. The  Right  Plan REGIONAL INFRASTRUCTURE 15Monday, 25 June, 12
  • 40. The  Right  Plan REGIONAL INFRASTRUCTURE 15Monday, 25 June, 12
  • 41. The  Right  Plan REGIONAL INFRASTRUCTURE PHASE ONE - PICKLE LAKE TO WEBEQUIE ‣ 200 km all season road; ‣ follows existing winter road corridor; ‣ supported by local communities; ‣ eliminates major river crossings; ‣ estimated cost $180 M; 15Monday, 25 June, 12
  • 42. The  Right  Plan REGIONAL INFRASTRUCTURE PHASE ONE - PICKLE LAKE TO WEBEQUIE ‣ 200 km all season road; ‣ follows existing winter road corridor; ‣ supported by local communities; ‣ eliminates major river crossings; ‣ estimated cost $180 M; 15Monday, 25 June, 12
  • 43. The  Right  Plan REGIONAL INFRASTRUCTURE PHASE ONE - PICKLE LAKE TO WEBEQUIE ‣ 200 km all season road; ‣ follows existing winter road corridor; ‣ supported by local communities; ‣ eliminates major river crossings; ‣ estimated cost $180 M; PHASE TWO- WEBEQUIE TO SITE ‣ 95 km winter road; ‣ power line; ‣ buried concentrate pipeline ‣ estimated costs $260 M 15Monday, 25 June, 12
  • 44. The  Right  Plan REGIONAL INFRASTRUCTURE PHASE ONE - PICKLE LAKE TO WEBEQUIE ‣ 200 km all season road; ‣ follows existing winter road corridor; ‣ supported by local communities; ‣ eliminates major river crossings; ‣ estimated cost $180 M; PHASE TWO- WEBEQUIE TO SITE ‣ 95 km winter road; ‣ power line; ‣ buried concentrate pipeline ‣ estimated costs $260 M 15Monday, 25 June, 12
  • 45. The  Right  Plan SITE INFRASTRUCTURE ‣ Surface disturbance = 42 ha; ‣ majority infrastructure is underground; ‣ road follow eskers; ‣ waste from underground development recycled as construction aggregate for roads and airstrip; ‣ minimal Environmental Impact. 16Monday, 25 June, 12
  • 46. The  Right  Plan UNDERGROUND MILL CONSTRUCTION Production Levels Crushing & Grinding Circuit Flotation Circuit Access Aggregate Source Ramp Maintenance Shops Production Decline ‣ Reduces construction risk due to challenging soil conditions. ‣ Utilizes highly competent granite host rocks. ‣ Minimizes site construction materials. ‣ Provides a controlled climate and environment 17 16Monday, 25 June, 12
  • 47. The  Right  Plan UNDERGROUND DESIGN 18Monday, 25 June, 12
  • 48. THE RIGHT TEAM 19Monday, 25 June, 12
  • 49. THE RIGHT TEAM Corporate Presentation 2012 19Monday, 25 June, 12
  • 50. The  Right  Team BOARD AND MANAGEMENT 20Monday, 25 June, 12
  • 51. The  Right  Team BOARD AND MANAGEMENT Board of Directors Paul Parisotto (Chair) Ted Bassett Darren Blasutti Wes Hanson PGeo (President and CEO) Joe Hamilton Lin Li David Thomas ‣ Strong Board of Directors; ‣ Broad experience base; ‣ Extensive capital markets knowledge and ‣ Proven track record of increasing value. 20Monday, 25 June, 12
  • 52. The  Right  Team BOARD AND MANAGEMENT Board of Directors Management Paul Parisotto (Chair) Wes Hanson PGeo (President and CEO) Ted Bassett Paul Semple PEng (COO) Darren Blasutti Greg Rieveley CA (CFO) Wes Hanson PGeo (President and CEO) Eric Mosley (Exploration Manager) Joe Hamilton Glenn Nolan (VP Aboriginal Affairs) Lin Li Leanne Hall (VP Human Resources) David Thomas Mark Baker (Project Manager) ‣ Strong Board of Directors; ‣ Strong exploration background; ‣ Broad experience base; ‣ Extensive experience managing feasibility studies; ‣ Extensive capital markets knowledge and ‣ Mine construction and operations background and ‣ Proven track record of increasing value. ‣ Leaders in Corporate Responsibility. 20Monday, 25 June, 12
  • 53. The  Right  Team FEASIBILITY STUDY TEAM Consultant Responsibility Micon  Interna$onal  Ltd. Resource  and  Reserve  Es$ma$on,  Metallurgy  and  Lead  Consultant Cementa$on  Inc. Mine  design,  opera$ng  and  capital  cost  es$mate Penguin  ASI Mine  scheduling,  stope  sequencing,    life  of  mine  plan,  mining  automa$on Outotec  Oyj. Process  plant  design,  capital  and  opera$ng  cost  es$mates Knight  Piesold  Ltd. Environmental Ausenco   Concentrate  slurry  pipeline  design,  capital  and  opera$ng  cost  es$mate Nuna  Logis$cs  Ltd. Road  design,  capital  and  opera$ng  cost  es$mate Engage  Learn Lead  crea$ve  advisor 21Monday, 25 June, 12
  • 54. THE RIGHT TIME 22Monday, 25 June, 12
  • 55. THE RIGHT TIME Corporate Presentation 2012 22Monday, 25 June, 12
  • 56. The  Right  Time SUPPLY AND DEMAND FUNDAMENTALS 23Monday, 25 June, 12
  • 57. The  Right  Time SUPPLY AND DEMAND FUNDAMENTALS STAINLESS PRODUCTION / FERROCHROME DEMAND Actual Forecast G.R: 4.4% G.R: 5.8% G.R: 6.4% G.R: 6.8% Source - Heinz H. Pariser 2011 23Monday, 25 June, 12
  • 58. The  Right  Time SUPPLY AND DEMAND FUNDAMENTALS STAINLESS PRODUCTION / FERROCHROME DEMAND NICKEL SUPPLY AND DEMAND Actual Forecast  2,500   G.R: 4.4% G.R: 5.8% G.R: 6.4% G.R: 6.8%  2,000   Tonnes (x 1,000)   1,500    1,000    500    ‐   2010  2011  2012  2013  2014  2015  2016  2017  Year  Source - Heinz H. Pariser 2011 Source: World Bureau of Metal Statistics (modified) 23Monday, 25 June, 12
  • 59. The  Right  Time SUPPLY AND DEMAND FUNDAMENTALS STAINLESS PRODUCTION / FERROCHROME DEMAND NICKEL SUPPLY AND DEMAND Actual Forecast  2,500   Potential Supply G.R: 4.4% G.R: 5.8% Shortfall G.R: 6.4% G.R: 6.8%  2,000   Tonnes (x 1,000)   1,500    1,000    500    ‐   2010  2011  2012  2013  2014  2015  2016  2017  Year  Source - Heinz H. Pariser 2011 Source: World Bureau of Metal Statistics (modified) 23Monday, 25 June, 12
  • 60. The  Right  Time EAGLE’S NEST TIMELINE 24Monday, 25 June, 12
  • 61. The  Right  Time EAGLE’S NEST TIMELINE 24Monday, 25 June, 12
  • 62. The  Right  Time EAGLE’S NEST TIMELINE Project Milestones: ‣ June 2011 Baosteel acquires 9.9% interest; ‣ June 2011 Bulk tonnage low grade at AT12; ‣ Aug. 2011 Prefeasibility after tax NAV(6%) of $560M ‣ Sept. 2011 drilling expands Blackbird chromite; ‣ Sept. 2011 Project Description accepted by CEAA; 24Monday, 25 June, 12
  • 63. The  Right  Time EAGLE’S NEST TIMELINE Project Milestones: ‣ June 2011 Baosteel acquires 9.9% interest; ‣ June 2011 Bulk tonnage low grade at AT12; ‣ Aug. 2011 Prefeasibility after tax NAV(6%) of $560M ‣ Sept. 2011 drilling expands Blackbird chromite; ‣ Sept. 2011 Project Description accepted by CEAA; Short Term Catalysts: ‣ Exploration drill results Q1, 2012; ‣ Feasibility Study Q2, 2012; ‣ Project financing Q2 - Q4, 2012 ‣ Infrastructure announcement 2012; 24Monday, 25 June, 12
  • 64. CORPORATE RESPONSIBILITY 25Monday, 25 June, 12
  • 65. CORPORATE RESPONSIBILITY Corporate Presentation 2012 25Monday, 25 June, 12
  • 66. Appendix CORPORATE RESPONSIBILITY 26Monday, 25 June, 12
  • 67. Appendix CORPORATE RESPONSIBILITY Establish a Social License to operate ‣ Community skills surveys; ‣ Training programs - federal funding; ‣ Long term business opportunities; Youth Focus - Prepare for the Future ‣ Project timeline; ‣ Career Opportunities; ‣ School trips; ‣ Ring of Fire Christmas charity; ‣ DareARTs “Fill My Hollow Bones”; ‣ Mining Matters Youth Camps; ‣ Noront Bursary; 26Monday, 25 June, 12
  • 68. Appendix A NEW STANDARD IN CONSULTATION 27Monday, 25 June, 12
  • 69. Appendix A NEW STANDARD IN CONSULTATION Goal Establish a model consultation program: ‣ Community meetings, open houses. ‣ Oji-Cree version of Project Description ‣ Community Offices. ‣ Noront Radio Hour ‣ Mikawaa Portal. 27Monday, 25 June, 12
  • 70. Appendix A NEW STANDARD IN CONSULTATION Goal Establish a model consultation program: ‣ Community meetings, open houses. ‣ Oji-Cree version of Project Description ‣ Community Offices. ‣ Noront Radio Hour ‣ Mikawaa Portal. Objective Work cooperatively with the local First Nation communities to develop a regional land use plan that benefits all stakeholders and recognizes the environmental sensitivity of the James Bay Lowlands. 27Monday, 25 June, 12
  • 71. THE RIGHT PROJECTS THE RIGHT PLAN THE RIGHT TEAM THE RIGHT TIME 28Monday, 25 June, 12
  • 72. THE RIGHT PROJECTS THE RIGHT PLAN THE RIGHT TEAM THE RIGHT TIME 105 Adelaide St. W., Suite 1100 Toronto, ON, Canada M5H 1P9 Investor Relations (416)-367-1444 investor.relations@norontresources.com www.norontresources.com NOT: TSX-V 28Monday, 25 June, 12