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: Trading vs Long hold considerations

Perhaps I should back peddle just a bit. My feeling about the $20 figure is based on what, we hope, is released next week. That is visuals on some infill holes and visuals on one or more tests of one anomality.

I'm not talking about a month from now or two months from now when at least a preliminary resource estimate is made OR about visuals on 5 or 6 holes in DE 2 being announced OR any assays of these.

So, no assay results, no more than one hole on DE 2 with visual and no resource estimate to me equals max of $20

Now if the market wants to go totally nuts and chases share price above $20 one has to consider the shares overvalued until more drill results or assays are released. Could be an opportunity to sell and buy back on subsequent drop to reality.

To hold anywhere near $20 requires a lot more information than will be available within say a month, maybe two months.

Of course you'd like me to be wrong. I hope I'm wrong!

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