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: It Is Never Whaat It Seems

Having spent 30+ years in both staff level and senior management positions in a very large company, I can assure you that there were many times as a staffer that I questioned the actions, or inactions, of senior management. Not being privy to all the facts that senior management had available to them, I was left to make assumptions or guesses regarding management's strategies. Those assumptions or guesses usually took me to a fairly negative place. However, a number of times, I had opportunities to question senior management as to why certain decisions had been made. In all cases, additional facts were shared with me that I had not been privy to and these facts made their decisions seem perfectly understandable.

My point is pretty obvious: I would submit that no retail investor has access to all the facts that the NOT board takes into consideration on a daily basis when it chooses to formulate strategies or release (or not release) news. We are only left to assume or guess at reasons for NOT taking the path that it has. I hate seeing the erosion of the SP but continue to have confidxence that those steering NOT are there for a reason (experience and competancy). I believe that the combination of their strategy, although unknown to us, and the assets that are already known, will lead to a future payoff that will heal our current state of confusion and frustration. I guess, for me, it boils down to having faith.

DD

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