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: $1.38 close

Don, this is not to put a positive spin on the poor market but lets be objective about the current situation:

1) Market cap is still around $200 Million, not a pittance;apparently the current buyers feel it is worth some multiple of that amount or they would definitely not be buying today.

2) After several weeks of double digit losses in Toronto, exactly who is brave enough to take on (more) speculative resource stocks ? Someone who really likes gold and CR and NOT's low market cap., thats who.

3) RIMM, AAPL, and some other very prosperous outfits have had recent declines as big or bigger than NOT.Have you ever tried to leave a zillion cell phones in the ground waiting for better market conditions ?

4) The congressional battle on the "bailout " scared even me- a bunch of very wealthy folks holding their countrymen hostage to various ends;

5)Many people threw in the towel on entire portfolios when they got the margin calls. Once that selling dries up, the people who like gold and CR will still be there .

6) The economic outlook has changed slightly, as the US goes through its financial soul searching. But Americans really do not like the concept of a long term deflationary cycle and will shortly figure out collectively how to "get with the program" . Had this not been an election year, the Fed/Treasury responses would have been programmed and not mired down by the political confusion and hostage taking.

So, while patience is no longer a virtue, it remains an objective necessity.

As to all those newsletter writers, until the SEC requires them to disclose all their sources of income annually, the wise approach is to be very cynical. To quote Cramer "They know nothing!!"

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