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: Compares favorable to PA

NPV - (w/ shared infrastruture $) PFS $560M vs PA $540M

Infrastructure, Development and Sustaining Capital -

PFS - $877m vs PA $870-925M

Operating Costs - PFS $75-80/tonne vs PA $120-130/tonne

Operating Costs per pound of nickel equivalient - PFS $2.75/tonne vs PA $3.00

Capital payback - PFS 3 years vs PA 3-4 years

Prices for significant metal produced -

Nickel PFS -$8.62 vs PA $9.08

Copper PFS - $3.08 vs PA $2.92

Of course neither study includes 9.0m tonnes of inferred.

I think our day is coming soon.

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