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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The spq bod has a duty to tell its shareholders which deal is superior. It does not mean that they are on Cliffs side. When KWG comes back with a superior bid, if they do, the spq bod will state that the new KWG bid is superior to the Cliffs bid.

Also, I would assume, and I may be wrong, but the lockup deal with mineralfields is applicable only to this .19 cent bid by Cliffs. If a superior offer comes, I think mineralfields can back out of the deal. I would like to see the details of that deal though to know if that is indeed the case.

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