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: Cliffs....

Reference should also be made to FWR news release of Oct. 15, describing metallurgical study of Black Thor Cr by CLF. Even if any of us were interested, we would never get close to anyone's drill core. I concluded from that nr that FWR sees CLF as a strategic partner in more than just a financial sense. Nor should NOT see that as a bad thing especially if NOT can come up with a cr resource of its own. CLF has significant resources and is the only major to have been upfront in its interest in these immediate resources. As retail, we seem to have nothing to fear from CLF .

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