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: Management options @ $ 1.84

Will you still feel the same way when the sp is $3 and these are exercised? Pat each other on the back and suck up the gravy with no adverse risk to the down side as I would if I bought the shares for $.07 less as you point out. Of course it is negative, it causes dilution that we could have used at say the $3 example to do a pp with. Do you think they will put the money in the treasury at less than the option price?

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