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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What the FWR attempt demonstrated was that NOT's foresights, or what I will call "strategic risk management skills" were at an early stage of puberty. No blame or criticism for trying, but NOT needed to understand all the implications of failure not just the positive ones (such as the commitment by CLF to infrastructure). NOT came out older and wiser, but with the "sizzle" of being a prospective RoF consolidator gone. CLF for the time being wears that crown and will hold it tenaciously being in their own back yard. So we drill, drill. drill to make more steak. But our vision needs to focus on enhancement of value to a major (other than CLF) as we have neither the core competencies nor the risk management skills to successfully deveop the deposit(s). We can succeed if we know who we are and focus on those competencies without delay and without smoke and mirrors.

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