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: Some early thoughts on this deal
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IMHO this offer is a joke.

Everyone knows that the chrome is worth a lot more both at FWR and at NOT.

Everyone except Cliffs that is. Once it becomes clear that the railroad is a go people will start to wake up to the real value of this resource.

IMHO Cliffs will never allow this chrome to be bought at this price. If it comes down to a war between Cliffs at NOT we all know that NOT can not compete.

So expect a much higher offer from Cliffs.

I am shocked that NOT is foolish enough to make such an offer...they should be smart enough to know that Cliffs and others such as Xstrata will never allow this resource to be sold so cheap.

SN

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