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: If NOT is to get FWR...
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$4.00 is a long way to go especially if NOT's SP is being manipulated down.

Look for NOT to extend its offer into January (a la the Cliffs' offer) so they can continue to fight the good fight.

Given that the resource will be lost to FWR shareholders in a takeover by Cliffs the takeover price by Cliffs should be at least $2.00. NOT still has the superior offer.

Old Joe put in an appearance. I'm starting to get worried about you.

All IMHO.

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