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: The Devil's Advocate.

The Devil's Advocate.

posted on Oct 31, 2008 06:21PM

Well someone should do it so I'll make a few comments. Firstly I'm looking forward to this board doing what the two gents spoke of, which I might add, doesn't sound too much different from what the original board was after. I do believe they may offer more in the way of public image enhancement though time will tell on this count. My approach is to watch carefully and hopefully, but let me stress the carefully part.

The interview hit on some very reasonable questions and equally reasonable responses. At the same time many of these responses were already known to us or anticipated and were fairly much a continuation of what already was, though the gents attested to that, "business as usual" I believe they said. The friendly phrase, "maximizing shareholder value" was so pleasant to hear but a little overplayed as much as we enjoy the concept. I have bells that ring when I feel people are telling me something they think I want to hear, not that I'm accusing the two gentlemen of being insincere, just that the bells go off and I won't take their words for granted when others handle my money. When asked how the company will be dealt with... as exploration, mining or a detent with a major, always at the end was the statement...." or outright sale". I'm not saying this is bad or otherwise as this would depend on an individuals interpretation of what provides the best value. It all can sound good under the right circumstances and we'll have to wait and see if we agree on circumstances at the time. Things sound good but there are, as always, a lot of unknowns.

My last point is the most important from my perspective and the one that gives me pause for caution, that is that I will not forget the techniques used by Rosseau et al for trying to take this company without the compromise that the Retail forced into play in the end.... and the cake taker being the threat to see NOT at .20 if Rosseau lost. The misinformation and borderline slander of R.N. not to mention the attack on us may be considered by some to be "just business", however, do we wish to experience this "just business" again if by chance we don't all see eye to eye down the road. I think there are good people on the board but money like alcohol somehow impairs vision. It is part of the human condition, it is virtually impossible for most to avoid.

As I've said, I look forward to good things coming with the new board and I feel that all will be well, but I also know that "just business" is just around the corner when push comes to shove. The interview made a lot of folks feel comfy and I'm glad for that.... Lord knows we need a break..... but again the bells go off. The lesson we've learned becoming a force to be reckoned with is that there is safety or power in numbers. The comment given during the interview that majors will know that taking out NOT will not be easy owing to retail investors is a reminder that we need to stay strong and unified, whether it is to deal with an unruly Major or a board that decides to change direction on us. I liked the talk and now I'm eager for the walk. "It's just business."

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