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 a difference a month makes at Eagle's Nest.

What a difference a month makes at Eagle's Nest.

posted on Apr 14, 2010 09:36PM

On March 9 a resource report came out on Eagle 1 deposit and the share price was $1.62. Now metal prices have gone up and our share price is $1.72.
Now compare the metal value of resource of then to now:

Data from 2010 March 9 news release.

Using Kitco Calculator for metal prices (http://www.kitco.com/pop_windows/kitcorockcalc.html).

Indicated resource of 6.9 million tonnes grading:
On 2010March9
Reported Weight @Price $Value
2.04% Ni 44.9lb 9.9/lb 444.51
0.95% Cu 20.9lb 3.36/lb 70.22
1.3 gpt Pt .045oz 1585/oz 71.33
3.4 gpt Pd .117oz 465/oz 54.41
-------------------------------------------------
Total$ 640.46/metric ton
value of indicated $4,416 million

On 2010April14
Reported Weight @Price $Value
2.04% Ni 44.9lb 11.94/lb 536.11
0.95% Cu 20.9lb 3.60/lb 75.24
1.3 gpt Pt .045oz 1727/oz 77.71
3.4 gpt Pd .117oz 545/oz 63.76
-------------------------------------------------
Total$ 752.82/metric ton
value of indicated $5,194 million

Inferred resource of 4.3 million tonnes grading:
On 2010Mar9
Reported Weight @Price $Value
1.42% Ni 31.2lb 9.9/lb 308.88
0.87% Cu 19.1lb 3.36/lb 64.18
0.8 gpt Pt .027oz 1585/oz 42.80
3.4 gpt Pd .117oz 465/oz 54.41
-------------------------------------------------
Total$ 470.26/metric ton
value of inferred $2,021 million

On 2010Apr14
Inferred resource of 4.3 million tonnes grading:
Reported Weight @Price $Value
1.42% Ni 31.2lb 11.94/lb 372.53
0.87% Cu 19.1lb 3.60/lb 68.76
0.8 gpt Pt .027oz 1727/oz 46.63
3.4 gpt Pd .117oz 545/oz 63.76
-------------------------------------------------
Total$ 551.68/metric ton
value of inferred $2,372 million

Summary:
2010 March9 April14
value of indicated $4,416 million $5,194 million
value of inferred $2,021 million $2,372 million
Total for both $6,437 million $7,566 million ( change +17.5%)
Shares 168 million 168million
Per share $38.31 $45.04
Discount to 5% $1.91 $2.25

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