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: What I have heard.

How can you hire local negotiators? The idea is to have people who talk for the company and not for the local nations. You don't hire Vale union employees to sit on the side of Vale management in negotiations, or have the Chief of Webequie on the Cliffs negotiating team. You would hire a respected person who has had experience in solving problems.

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