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

Interesting discussion and comments even if far fetched and dependent upon things happening in just the right way. For now I stand by my estimates and prepared to act upon them. Of course everything depends upon exactly what the drills find.

By the way the Burnt Hill operation is not being drilled by Noront but by jv partner and Nemis has no access to drills or crew.

Obtaining drills for the 'Ring of Fire' is expensive and time consuming. Nemis is taking the smart step to purchase these and have them custom built but this isn't a huge manufacturing operation and it takes time to obtain them and of course the crews to operate them. Even throwing money at operations in the Ring of Fire isn't going to speed things up a great deal. Going to be hard for anyone to catch up to Noront's lead.

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