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: A question for the forum.

Taking more dilution at heavily discounted prices is insanity when Windfall should be highly liquid. There is an emotional attachment to our firstborn (WF) but it will reach value maturity far earlier than ROF.The hybrid solution is to sell a JV interest in Windfall assuming the resource can be established at worthwhile levels. Hopefully, our full court press on WF will enable us to skirt the ROF dilution until a realistic JV partner or buyout is executed at much higher valuation levels. The Cr gives us even more leverage because it enables a division of long term interests to a degree through nsr's.

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