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 think your commodity prices are conservative in your model, but let's accept them for now.  I believe they have about 6 million tons proven up now.  Because it is not "mineable" in the tonnage sense, I think the 10% in Situ is OK.

Once they hit another anomaly or if a JV does, I believe we immediately go to the in Situ 20% number and assuming the anomaly (if it is NOT's) proves to as big (6 million tons), this puts the price at over $10 very quickly.

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