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: Undervalued - Take 3 - forgot to change value per ton
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Oct 15, 2007 05:33PM
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Oct 15, 2007 06:54PM

Boy, I did,nt think I get any flack by conveying that I think we are still undervalued.

I will repost taking into account the feedback:

Rockstar: The 10% is a rule of thumb when trying to establish what the current valuation should be - It is not a mine as of yet. The future share price of $78.00 that RN quoted down the road might be low.

Latenite: What was the actual value or ore per tonne that Miramar had in the ground?

Polyable: I will change my terminology from NPV to % of mineral value and increase the percentage due to the close-to-surface and ease of nickel seperation .

Fairchij: Your resource calculator valuation of $1,160.00 per tonne will be used as well as your rock density of 4.5. (I was using the $1,000.00 as this was quoted from Mr, White - IBK)

Sum4All: You are correct that this valuation does not include other properties. To each their own in adding this valuation.

Johndefur: This valuation does not take into account the cost of building (500MM-900MM) as conveyed by Mr. White)

STRIKE LENGTH 205 MTRS
WIDTH 50 MTRS
DEPTH 195 MTRS
CUBIC METERS 1,998,750
ROCK DENSITY 4.5 TNNS/CU MTR
TONNES OF ORE 8,994,375
VALUE PER TONNE $ 1,160.00
IN-SITU VALUE $ 10,433,475,000.00
NPV OF MINERAL % 20.00%
SHARES OUTSTANDING 123,000,000 (F/D)
NPV SHARE PRICE $ 16.97
LONG TERM PRICE $ 84.83

Note: Long term price is based upon above valuation only.

Quite frankly, I am more comfortable with my previous valuation until more blanks are filled in.

See you tomorrow.

Milsy1

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