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: The Brazilian Letter

At Vale Inco, we are creating a sustainable and prosperous future for the business that will meet the needs of the current generation of employees and the generations to come. Getting there won’t be easy – it will require significant change – but breaking with the past is sometimes the only way to a more prosperous future.

One does not need to be a genius to read between those lines.

Some say they are out to break the union and will shut down the Sudbury Operation for as long as it takes.

A friend of mine just retired from Inco's Thompson Mine as a Manager. When asked what he thought of the Brazilians his comment was simple. "They are bullies...they get what they want one way or the other."

Too bad they wouldn't take a keen interest in the RoF!!!

SN

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