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: Logic or way out in left field?

That was a big commitment by the FWR BoD. Without an eventual incremental move by CLF/FWR, or the next placement being at a higher price, FWR would be seen as a lame duck. I expect that FWR will expand its resource , that CLF will gradually add to its position, and we will see a strategic alliance evolve as the RoF itself evolves. Same is true of KWG/CLF. But CLF has clearly planted its flag on the Cr resources, and is the first major to do so. This was not just posturing by CLF. Hopefully, NOT finds the resources expected by investors, and that one or more additional majors move forward . NOT's major shareholders will build the case for value very carefully, to avoid market expectations that are out of line.

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