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: Just maybe
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Interesting hypothesis FS. Oh, it is fun to speculate.

Just to clarify some of the numbers and percentage ownership that you put forth:

At present as per the FWR N/R yesterday, after exercise of the warrants, Cliffs has 29,033,440 FWR shares which represents 12.65%.

The end result would be that Cliffs would end up with 4.4% of NOT - not 10% as you mentioned. This assumes that Cliffs shares were tendered, NOT gains complete control of FWR and $4.00 NOT warrants are exercised). Cliffs would end up with 12.44MM shares of NOT with 284MM F/D.

I would tend to side with the notion that more shares are now in friendly hands from FWR's perspective making control more difficult for NOT.

Will be interesting to one day read the book.

Cheers,

Milsy1

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