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: Wake up re last drill results.

Wake up re last drill results.

posted on Feb 03, 2010 11:49PM

Sum4All from your post at 04:36PM, I agree with all you said but want to address the following regarding last drill results:
"It is thought that NOT's core news was good but not stellar in terms of the platinum otherwise it may have supported the sp much more with some upward movement."

I do not agree with whom ever that had those thoughts/comment.
It would cost an average of about $120 to process a ton of ore from Eagle's Nest.
On Nov.23 I posted the following:

<From drill news released on November 19,2009:
"Our geological team currently estimates between 10 and 15 million tonnes of mineralized material at Eagle's Nest averaging approximately 2.0% nickel, 1.0% copper, 1-2 grams per tonne platinum and 3-5 grams per tonne palladium"
Using:

2.0% Ni = 44lbs.@$7.57 = $333
1.0% Cu = 22lbs.@$3.11 = $68.42
1.5g/t Pt = 0.052oz.@$1453 = $75.56
4g/t Pd. = 0.138oz.@$370 = $51
==============================================
Total $528

Shares = 164 million Discount to 5%
10 million tonnes = $5.28 billion = $32.19/share $1.61
15 million tonnes = $7.92 billion = $48.30/share $2.41>

This shows that the massive deposit is worth at least $500/ton. The disseminated portion is about $300/ton.

The Feb.2 reported holes are worth:
INT. NI CU Pt Pd HoleValue
HOLE M Kg/t Kg/t g/t g/t $/t
-----------------------------------------------------
NOT-09-064-W1 131.8 12.7 5.6 0.85 2.89 $362
NOT-09-073 59.8 17.0 9.0 1.45 3.73 $505
NOT-09-074 82.6 20.5 10.0 0.64 2.94 $521
NOT-09-075 10.5 65.1 16.8 2.00 8.18 $1536

So even the worst of these four holes is three times the value of operating cost.
Many a mine is happy with assets worth twice the operating cost, so this is a good hole.

The $500 holes are Not good, they are Great, and any hole that is ten times the processing cost is nothing less than phenominal. We have many holes that are worth over a 1000$ besides hole 75. ( Note that the valuable holes need much less ore to process so contribute greatly to over all efficiency of opetation.)

Whom ever was making that comment was out of line. These results are great at the very least. I suspect many have been jaded by past results so a repeat of same is ho hum to them - that is pure subjectivity and blindness.

Also anyone using platinum as an argument that it has to be great to make a sp difference is out of line. Platinum takes only third place imo, after nickel and copper, in that order. It does not matter which metal, it is the total value per hole that should matter and finally the contribution to total resource.

Yes, lowly, maligned and neglected copper is just as if not more valuable to us than either platinum or palladium.

Use less subjectivity folks and pay closer attention to what the numbers tell you.
Had to get that off my chest. Cheers to all, Ed.G.

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