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: Vale board head sees no rush for acquisitions

Good evening to all Not holders,

I had an interesting conversation with Richard this afternoon.

He mentioned the recent hiring of his new people that will be responsible in taking NOT to the next level.

Richard's voice was filled with enthusiasm and excitement when he mentioned that cromium is a very important element that many are not paying attention to.

When I asked him if there is any negative news pertaining to NOT, his reply was that, "Nothing has Changed"

Looking forward to blue skies ahead very shortly.

R.S.



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