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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Hi Don,

I just do not share your concern for a take over at this point. We have a shareholders rights agreement. We do not have proven tonnage. There is too much potential here for majors to let someone else get it at these ridiculous prices. I just cannot see a take over at this stage of the game. I hope I am right on this one.

Good luck to all,

Glorieux

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