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: incredible buying opportunity today.... don't shoot the mesenger....

On a serious note, we all have been beating up on the BOD, and with some justification. However, we do have a technical and operational team that are professionals and are doing their jobs as directed. The problem with three or four exceprtional holes that gets everyones attention is, while they are spectacular, they are not enough to define a resource. I think I posted on this before. The 43-101 released giving an 11 million tonne resource was legal but not reassuring enough to be bankable. The drills are now drilling between and around these holes so we can get proven reserves that will give this deposit some credibility. The other important thing we are assuming is happening is the deep drills are proving that the orebody is extended and open in several directions. It is not the place of the technical and operational team to tell us anything. We are in the dark due to BOD policy. In fairness, there is not much they can tell us about moving the reserves from inferred to proven until they get all the data, but in my opinion they can tell us how the extension drilling is going. Therein lies the problem because there appears to be a strategy around share price, granting options, accumulation and financing that is more important than the retail shareholder.

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