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: Non dilutive financing
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Good morning Edgy!

Agree on both points.It would have been better if BOD did not get

rid of large slice of Windfall.To buy back in they would have to admit

that it was a mistake to let it go.For this BOD that is a NONO.

Besides they are out of money.As for buy-back of 40Mill shares with

proceeds of sale of 25%,that would necessitate doing PP to raise cash soon.

At $0.30 share( where it trades now) it would take 33 million shares to meet

budget needs for current fiscal year of 7-10 million.

There are no easy answers.One thing is sure and that is that 10million

would by us a year of no dilution.In my book dilution is our biggest enemy.

Here is wishing for better 2013 and beyond.

GLTA,

Fossil

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