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: NOT/FWR Thinking

I believe the NOT offer has drawn serious attention to the fact that NOT as a whole, that is as a takeover target, is extremely promising long term, but with no short term liquidity. The Ni resource is great, but when is someone going to want to tie up hundreds of millions for long term development. Canada is inherently high cost in a world with lots of Ni. The Cr resource has a significantly greater short term compulsion to a strategic buyer. The markets today are not helping NOT ,because the U.S. appears headed for a certain but very protracted recovery. The Cr is a once in a lifetime opportunity.

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