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: Cr vs Ni
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Just to confirm what was mentioned at the luncheon yesterday about the value of Chromite delivered to port:

44% Cr = $500 / tn in 2008

52% Cr = $760 / tn in 2008

52% Cr = $400 / tn in 2009 (quite the drop from 2008)

As Hamilton mentioned, everyone within the ROF is in the money with regard to chromite %'s.

Cheers,

MGB

PS. We still need Ni. IMHO





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