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: Conversation with Mr. Nemis...

Seems to be a lot of people happy to hear about some words from Mr. Nemis, particularly after such a nasty week... Obviously I am just the messenger, but thanks for the words of appreciation. For the person who asked, I take notes during such converstaions, which is how I remember most of the details.

Just to correct a major typo...

First paragraph should have stated that the 2 new drills where somewhere between Val D'Or and the site.

Also, there has been some discussion/concern in various places about why NOT is focusing on 43-101 drilling, and not stepping out to expand the known area of minerlization. I did not get a chance to speak to Mr. Nemis about this, but for what's worth, my thoughts on the matter are as follows:

  • I think are trying get a TSX listing to put the company in a stronger position, and, as we know, they need a 43-101 to do that.
  • I think they have been limited their ability to drill in new areas by logistical considerations, and a lag in their readiness to identify new hole locations given their need for the new geophysics results and just pure interpretation of recently collected data. This is consitent with what Mr. Nemis said about the focus on getting what he called the "preliminary work" done - they can't drill until they know exactly where to, and this is not an easy task even if it seems like it should be obvious. Drilling for 43-101 might be easier, because they just drill in detail in known areas, allowing them time to prepare for the positioning of step-out holes.
  • Once they have a 43-101, it will put them in a much stronger postion because then snobody can speculate about what they don't have. Once the have established a resource, then nobdoy can argue with that and it can only grow from there...

Again, just my thoughts...

Regards,

B.

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