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: This is NOT what we want. UTS - unsolicited offer at 51% premium
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" They are vulnerable in today's market due to a lack of cash which is the difference here in NOT's case. We have cash and as the drills drill and more is pr oven than to raise more cash at that point (if we need it) would not be so difficult knowing what's in the ground. "

UTS is not vulnerable due to a lack of cash,

Cash, or lack of cash is not the reason UTS is sought after.

Pure and simple, they have a very undervalued resource, as does NOT

Deep pockets, Total, is trying for a quick one,

As may happen to NOT, and there will be no warning what so ever.

BTW,

UTS has 320 million in cash as of Jan 1 2009

UTS is on budget and fully funded through 2011

Hg



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