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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Assuming NOT gets >34%, what obligations would NOT have to NOT and FWR shareholders as far as disclosing any FWR share purchases? Could they go on to accumulate shares in the background without letting anyone in on it? Would it have to be made public?

Would the FWR board be allowed to further dilute their company by offering PP to Cliffs, or could NOT stand in the way of that happening?

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