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: now those are doldrums!!!

One attribute of the "doldrums" is that once the winds start to blow, there is no sure way to tell which direction they will take.

A good experienced armchair quarterback soon learns that if your previous arguments supporting your position gets totally shot down, it is best to stay quiet for a spell, and reorganize your thoughts before inserting one's foot back into the mouth again.

There are several confusing areas at the moment that tend to muddy the waters as to where we are going:

Aroland and area have been the most vocal to date on the proposal from CLF and the Prov, yet they stand to benefit more than anyone else in that they will have a loadout terminal in the area, as well as a huge truck fleet based there.

Marten Falls is hard to figure. The best they could have hoped for was a north/south route and they have it, yet are very unhappy.

Webequie was so totally behind the east/west route. That idea seems to be going nowhere, yet they come out in support of Noront, and now announce a signing of an agreement with the prov. They were never going to see the total benefit of a road at any rate, since they are on an island in the middle of Lake Winisk, and the closest a road would come to them was out at Webequie Junction, but they seem more inclined than anyone to co-operate.

As I said, too many confusing points out there to make an intelligent guess at our direction. I strongly suspect that Wes and company are seeing things the same way. Let someone else sort things out, and we will make our move when the way is clear. Cheaper that way.

Best regards

K

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