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: Fundamental info revision:

In a perfect world, Cliff may want to mothball the chromite for a few years till markets get better fundamentally and if they sit back, NOT may push harder.

Probably very unlikely. Markets will improve in three to four years based on various economic projections. The timing still favors a plan to get things moving at the present time, so development occurs in a timely manner and production starts as the markets start to gain significant strength.


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