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: Sanity Prevails

A few things from the office:

In the last few weeks, it has been next to impossible (for me and many others) to get RN on the phone. He is always in a meeting, out of town in a meeting, on the phone...He is extremely busy and this is positive to me.

This afternoon, at 4:15 he along with all the top management were still at the office in a BIG meeting. For them to stay at the office late on a Friday afternoon bods well IMO for next week.

One notable absence was prof Mungall, still up at McFauld's, should be back next week at some time.

Did get to talk to Neil Novak, when I brought up the SP of $1.28 at the time, he seemed to shrug it off, said it was his 5th or 6th market crash in his career. He had a job to do, too busy to look at SP, budget is in place for quite a while so he was not concerned about any of those issues at this time.

So even though the market is panicking (how else can you explain our RIDICULOUS share price), management is not slowing down one bit and have lots on the go. So steady as she goes is the operative word again IMO.

Cheers,

Glorieux

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