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: COMMODITIES - (FRIDAYS CLOSE)

Sum...one thing I did not say is that the same company, CVRD, settled a contract with the union at Thompson Manitoba, and did not reduce the total wage package

So this MAY be a window into their thinking as it pertains to the Sudbury Operations.

There are 3 reasons why I am fearful that there will be a strike:

1. Leo Gerard , President of USWA is from Sudbury and worked at Inco. This is a very important local for him and he will fight very hard to prevent takebacks here.

2. The Brazilians (CVRD) have a reputation as bullies who simply say....these are my terms take it or leave it. Also this 2 month shutdown at the end of the contract is obviously designed to weaken the union. If they call a strike on June 1, the workers can not collect EI. CVRD announced 6 months ago that cost at the Sudbury operations are too high.

3. The ECONOMY. I happen to believe that the Crysler situation is representative of a general problem of productivity in North America. I don't look forward to reductions in living standard either but the reality is that wage rates have gotten out of control and we can no longer compete.

So these are only my personal thoughts....we all hope it doesn't work out this way

SN

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