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: what you call the offer, hostile takeover or merger
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Given that you would lose the blue sky of FWR's chrome (as you put it) if FWR were taken over by a third entity, I would think the NOT offer would be better.

This may not be true if the offer from the third party was a great deal higher than the present threshold price offered by NOT. However, the offer from the third party would have to be substantially higher and I just don't see any reflection of that in FWR's present share price.

In my humble opinion the insiders generally know in which way the wind is blowing.

So, based on what we know right now you would be better to tender ot NOT.

Stay tuned.

Do your own DD.

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