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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I expect the market will find the BMK news somewhat disappointing, simply because they did not hit a major deposit. One hole hit 15 meters of semi to massive sulfides, but most of them did not return economic values. This is not to say that the holes were not significant, (I will others to comment on that,) but that I believe that the market is placing high expectations on another big hit. That being the case, I would not be surprised to see all the players dip somewhat today.

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