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: History in the making

I believe FWR total cost to CLF a little over $100 million all in, including pre-takeout investment. I think the important point is that the FWR share cost was only a small part of the ultimate CLF cost commitment. It's a little like the poor farmer who gets only pennies a pound for produce that can end up with massive adds to value and pricing through the chain. A fair price at the bottom of the chain results only if there is real competition to buy it. We just need some time for things to evolve and management to work with the motivated parties.

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