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: Sudbury again

Hi Again. I thought of Teck, even possibly a Hudbay, but it is a limited population of Canadian Companies. But, I think we would agree that the real issue is "If we think its bad for a foreign outfit to take over FWR, who are we hoping buys out NOT " ? There is no doubt that any number of serious majors could outbid CLF pretty quickly. Not sure where that would take NOT. As to core expertise, CLF has all the experience and capabilities to develop FWR and market the product , but only a supermajor could qualify to fully develop NOT. Once FWR deposit development is committed, NOT may have many more sale/development/royalty options available. All depends on what is unearthed and as well whether any of it can be segmented. Early days yet for NOT value creation. The problem is that NOT is not quite at the point to get its best price, so dealing with a major who simultaneously takes over FWR could be very tricky and subject NOT to some risk as well.

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