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?

Thank you K for putting simply and clearly what we have been talking around since the Northern Miner article. That dialogue clearly discounted Cr and , implicitly the CLF involvement. CLF is not going away, they have bought a seat at the table , and are basing a long term strategy on what they see as underlying value and potential ,without reference to minor share valuations. Early days, all very positive, but this party is BYOB and we need positive drill results at some point.

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