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)

Free
Message: Are we not waiting for a feasability study too?

From the Sept 9/10 NOT NR PA (Preliminary assessment):

Please note in the PA, the building of a ramp.

After numerous trade-off studies and evaluations, the Project, as defined in the PA, is summarized as follows:

    <<
    -   1.0 million tonne per year throughput rate;
    -   underground mining of the Eagle's Nest Ni-Cu-PGM deposit;
    -   all major facilities (including the mill) would be located
        underground;
    -   tailings would be stored underground as cemented fill;
    -   minimal surface disturbance;
    -   construction aggregate would be sourced from underground waste rock;
    -   the existing winter road from Pickle Lake to Webequie would be
        upgraded to an all-season road;
    -   a diesel power plant would be located near Webequie and a
        transmission line would provide power to the mine site;
    -   a slurry pipeline would be used to transport concentrate from site to
        a filter plant located near Webequie;
    -   initial mine production would be from an internal ramp; and
    -   a winze (internal shaft) will be developed by year three to access
        the lower levels of the deposit;

From Nov 29/NR:

Please note from this NR :

..."... occur at a future date as part of advanced exploration and potentially from underground drill stations"

In light of the inability to complete these

deep wedge holes and the high costs associated with this type of drilling, the Company has decided

to terminate the deep drilling program while it re-evaluates various alternatives.

The Company is confident, based on the down hole geophysical results, that Eagle’s Nest

mineralization remains open at depth and definition of the deposit below the 1,400 metre level will

occur at a future date as part of advanced exploration and potentially from underground drill stations.

and finally, please note ( as pointed out by crazytrade .... our CFO knows that dykes can be built to keep water out of ramps, such as when they were built in diamond mines in Ontario.

Theres more than one way to get at the convergence zone in a timely fashion.

Peter

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