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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"It looks to me (assuming Cliffs wins FWR) that Cliffs is on the hook for the railroad. And maybe getting a commitment from Cliffs was what the takeover battle was all about. If I was on the BoD of NOT I wouldn't be in any hurry to talk to Cliffs about putting up money for a railroad. I would just say, "Hey guys, you won FWR saying you would put in a railroad and there was never any mention of NOT contributing. Tally-ho." JMHO."

Doesn't NOT have an engineering study underway to determine what transportation option makes the most sense? If so, they will be in no rush to contribute to a RR until they see the results of that study.

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