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: Suicide and Jim Sinclair

Hello Lar; Your last paragraph is absolutely correct. The margin holder would have the voting rights. The list is maintained by the transfer agent, and each share issued has an owner, and only one owner. Shares that have been loaned from a margin account would be what they are called "loaned", and as such would not be registered as such.

Regards

K

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