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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The Market is a consensus.

FWR trades @0.38 times 4 = 1.52

NOT trades @1.56

When the Market thinks the offer is low and will improve, the target will go to a premium to the bid. Today's Market indicates there is no conviction this offer will increase, or go through. If it fails, FWR will retreat below current price.

The Market is neither fair nor unfair. It is driven by Greed for profit, and Fear of loss; the share price is the result.

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