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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Part of Richard's strategy is having all the joint ventures who must continue to explore in order to achieve their 50%.

This continues to improve our odds. We can drop back on drilling to preserve capital and know that other drills are still turning.

Very sharp.

This is the same stategy criticised by Rosseau.

BK

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