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: Re: we are currently 1/3 r 1/2 of voiseys - I don't think so.

I am curious Riley, if you were Mac, what deal of the 2 would you prefer and why. Assume there is no mysterious 3rd party for the purpose of answering this question.

At this point, I would not sell NOT to buy FWR, I believe the downfall risk is too high for FWR if NOT chooses to walk away. If the ratio really gets out of whack I may do a small portion of my NOT shares. For the record, I sold 80% of my NOT shares to buy FWR when the deal was announced but am back with zero FWR shares.

Glorieux

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