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 majority being 50% to 66 2/3% wouldn't matter. If you tendered your shares they would be returned to you. After 66 2/3% those who tender would recieve 1 share of NOT for each 4 shares tedered ( as the offer now stands ). Those who do not tender will still own their shares of FWR.

But this is looking a bit down the road. The market is indicating that it ( the market ) is expecting the deal to be sweetened. But most of us may be expecting this too. In this chess game it is FWR's move. I expect it to be interesting.

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