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 cannot recall being privy to the actual number of private placement shares and warrants that were purchased by the big guns. We do know as per the news release that:

Rosseau Asset Management; Pinetree Capital Ltd.; Robert McEwen, President, Evanachan Limited; Pierre Lassonde, Chairman, Franco-Nevada Corporation; Sprott Asset Management; and Northfield Capital Corporation purchased a substantial portion of the units in this private placement.

Perhaps the definition of "substantial" is in the 75%-80% range and as such, all those listed above exercised 100% of their warrants. Regardless, this is very bullish and bodes well for us on a go-forward basis.

Cheers,

Milsy1

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