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: Every dollar in SP represents roughly 1% In situe value

Have been involved with a considerable amount of permitting in Ontario. Your assessment on development timelines - NOT v CLF deserves my endorsement. The letter from the Chiefs will drive NOT's permitting in Ontario while Cliff's development will likely be tied up in assessments and permitting for some time.

AFS

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