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: FWR has 3 weeks...
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Even if a 3rd party offer is announced today, Nov 12, it must stay open for 35 days; ie, until Dec 17. This means NOT is free to pursue its takeover without the FWR SRP after Dec1 simply by extending its own expiry date. That is NOT's advantage in this agreement, and NOT would likely have extended anyway since it was unlikely it had 66 2/3%. A 3rd party offer, if it materiallizes, will force NOT to improve its pps or otherwise up the ante. Shareholders will still have to tender to whatever offer...just who constitutes this shareholder base will determine the outcome, not Mac.

IMO

Regards

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