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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Hello,

You mention that it's possible we have a share dilution up to 500mln shares.

My thinking is why would BaoSteel "allow" this? I mean that BaoSteel is well funded so if more money is required why wouldn't they support NOT.

In the end when the game will be played who get's control over the ROF the less shares there are the more value they will have. I'm not sure what BaoSteel motives are but if they can not play the end game (against Arcelor or who evere) they will at least get some nice return of investment if they put money into NOT without any further share dilution.

Am I mistaken here?

Jean

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