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: Burn Rate Concerns

The burn rate is higher because there is reason to make significant expenditures based on what they have found. If they weren't experiencing success then they wouldn't be drilling to the extent they are and assaying to the extent they are. In the MD&A they reported that more crews and drills would be ordered if the situation warranted it, therefore this will take place only if results demand it, hence there has to be a significant gain for expending resources. As a result there would also be the commensurate success/news that would in turn ultimately reward through a higher sp. At that point we would also be in a better position to consider financial options if need be.

In a few months I expect NOT to be in a very different place from the exploration work during that time combined with what they have to date..... that as yet we are unaware of.

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