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: Re: if 2 distinct entities forming as suggested in last post then

The point is that NOT has limited financing and should consider using it to increase its critical mass now, otherwise CLF will make more deals. No one can stop them, and sellers will gradually be motivated. We need to accept the fact that NOT is in control of NOT and its contractual JV tie-ins but little else. It is a good thing for NOT if CLF bids up RoF assets, but it presents a challenge for NOT to grow its critical mass any further. And thats OK too if the resource(s) defined are sufficiently world class ,all things considered, to be compelling to a second major.

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