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: Re: Current value of Eagle 1-as per 43-101 and today's spot prices

As long as you remember that this is a 'indicated' and 'inferred' asset base which may or may not be 'actual'. Also that it is a valuation of said indicated and inferred resources with no allowance for cost to extract and bring to market.

Time to argue about 'insitu value' of stuff in the ground again? Add B&C pod estimates in and you'll raise some eyebrows and come up with valuation high enough to counter the costs to bring into production. Difference between barely economic to 'wow'.

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