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: we are currently 1/3 or 1/2 of voiseys
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Sure it does Riley. If you own 50k shares of FWR, you would now own 50k shares of FWR and 10k shares of NOT. The price of NOT should not be affected by this much as IMO this would be a fair deal and the assets obtained and the share dilution are of similar value hence no effect on share price. However, the FWR shares would now include the 4.1M shares of QUC, the Clarence Stream project, the money in the treasury but no RoF assets and as such, would have a significantly lower value probably in the range of 8-12 cents IMO.

So 50k shares of FWR x 0.55cents equals 27.5k dollars present value

would be replaced by 50k FWR shares at 10 cents for 5k dollars plus 10k shares of NOT at $2.30 for 23k dollars, a net gain of $500 based on my assumptions. Having now done the math, I think this deal makes even more sense.

Glorieux

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