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: Rhodium
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QQ, you might remember the post that I posted a while back after a conversation that Glorieux had with Richard regarding Rhodium as it related to other PGM's. Many are here that might not have seen that post so I will repost now as Rhodium has been discussed a little more of late. I trust that my calculations are correct but if not, I would appreciate feedback.

Cheers,

Milsy1

Don't want to burst our bubble, but..

Posted by: Milsy1 on February 22, 2008 01:03PM

I have completed below a model that denotes what value Rhodium, Osmium, Iridium and Ruthenium add to each tonne of ore.

I am making the assumption as per Glorieux's conversation with Richard yesterday.

He talked quite a bit about the PGE info. He explained that the ratios of PGE Rhodium, osmium, iridium and one other I always forget should follow the concentration of Platinum and Palladium. So wherever you find Palladium and Platinum, you should find the other PGM in direct propertion to the assays of hole number 5. He stated that we had enough PGE's to generate a mine just for this.

So, with this in mind, here is what I have calculated to be the value of the "IUM's" to be:

HOLE #5 (SECTION WHERE "IUM'S" WERE FOUND)
PT PD
30.2 + 15.95
46.15 TOTAL GRAMS
RU OS IR RU
0.84 + 0.15 + 0.21 + 0.42
1.62 TOTAL GRAMS
3.51% HOLE 5 % THAT "IUM'S" REPRESENT OF OTHER PT & PD

It is important to recogonize that this section of hole 5 is not representative of the entire ore body. the following denotes what I beleive to be our average weighted metal content.

AVERAGE
WEIGHTED "IUM'S"
METAL METAL
CONTENT CONTENT
1.0853 CU
2.0749 NI
1.0546 PT X 3.51% 0.04
3.8169 PD X 3.51% 0.13
0.3125 AU
3.3866 AG
0.0031 RH
0.0006 OS
0.0008 IR
0.0016 RU
2.92 NI EQUIVALENT
TOTAL 0.17 "IUM'S g/t

Of the total "IUM's" that were found in hole 5 (1.62 g/t) the following denotes what percentage each represents of the total and what is our expected "IUM" g/t on average.

EXPECTED "IUM" g/t ON AVERAGE
TOTAL g/t "IUM'S" 1.62
RU 0.84 51.85% 0.17 0.089
OS 0.15 9.26% 0.17 0.016
IR 0.21 12.96% 0.17 0.022
RU 0.42 25.93% 0.17 0.044

So, with current metal prices (average between current bid & ask was used) our average "IUM" value per tonne is:

EXPECTED "IUM" g/t ON AVERAGE VALUE
CURRENT PRICE PER OUNCE PRICE PER
PER g TONNE
RU 0.089 $9,000.00 $289.39 $25.66
OS 0.016 $380.00 $12.22 $0.19
IR 0.022 $445.00 $14.31 $0.32
RU 0.044 $430.00 $13.83 $0.61
"IUM'S" TOTAL VALUE PER TONNE $26.78
5,000,000 MT VALUE $133,916,412.35

Quite frankly, I was hoping to determine that the "IUM's" would have added a more substantial valuation but I still wanted to share this info with the board.

Always open to comments,

Cheers,

Milsy1

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