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: Nickel mine closures and suspensions

That is an excellent point BB. Our sulfides are much cheaper to extract nickel from than laterite. laterite only became attractive at a much high price for nickel. What one should think about is that 15-20 times Eagle 1 would be a slam dunk of a deal for a major. However, even 5-10 times Eagle 1 could be very profitable even at 7$ a pound! So it comes back to Eagle 1 and what lies beneath. As we can see, if the grades hold up, we may not need very big x and y axis to make this profitable. So the low SP at this time can explode upwards very quickly once we have grades on hole 49 and results from hole 50 which is already being drilled as we speak and could get visuals at any time.

Glorieux

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