Our Biggest Risk

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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MISFIT1

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Our Biggest Risk

posted on Oct 28, 2008 12:29PM

Today was a partial victory for us. It sounded like we had the majority but a majority with a vengeful minority might have been the future in store for us and that is why I believe Richard took teh actions he did.

I believe we had the majority in the proxy vote as it is highly likely given the tone of the dissident proxy that a compromise would not have been considered in the event that Rousseau and Crew had the votes they needed. They would have elected their proxy board had they had the votes to win.

Our biggest risk at this point is allowing Rousseau and the institutions to gain control of 51% in preparation for the next fight. If they did this through the market, the demand for 30M needed shares would send the price rocketing. But this is unlikely unless it is done slowly a couple of 100K at a time.

It will be easier to gain a higher % through a future PP whereby the Roussea bloc dilutes there way into future power.

I am not writing this as a prophecy or out of paranoia, but only identifying what I believe to be our biggest risk long term.

I can live with market crashes, falling nickel prices, and short term games if my shares are given a chance to truly appreciate as much as the next guys. What I cannot live with is being ripped off because somebody without ethics has control of something.

We were very diligent is round one of this fight and saved our own bacon from the dissidents who wanted total control. We need to ensure that we stay diligent and keep our eyes on the risks going forward. That will mean monitoring insider sales, majority ownership positions, and irregular trading behaviours.

It is not the current board that I am concerned with as much as the groundwork that could start to be laid for a new board in the next year. With Richard out of the picture and the old time directors off the board, will we be able to stave off a future attack? Only if we show the same show of strength we did this past three weeks.

This post is not meant to depress anybody, as I am still hopeful for good things from the new board. But I believe we should always be on guard.