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: info from London

Agree with all you say. But $7 is now ancient history and we all need to move on. Yes, the same rules apply to motivation (find it and they will come), however the valuation parameters and risk discounting have changed dramatically. Long term governmental policy is a way of dealing with the singular risk that has blown up in the majors' faces in Australia, namely a simple socialist money grab. These issues never go away, but they are now coming under the microscope. And frankly, Ontario does not measure up for the gargantuan opportunity/task/risk at hand. The situation in Sud and in Timmins does not help, nor do the FN issues but these issues never go away. The public sector simply needs to recognise mine developers get no free ride and no assured returns even in mine friendly areas.

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