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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It has been said before, a few times, and I don't remember all that have said this but I also think that we have a great proven grade but for where we are located and for the capital expended we need to prove more resource at this location. The idea that the resource is larger has been suggested but proof is needed. Much more. More ore means more value. Drilling other locations may help but that will only help if a larger more economic mine is found or found a short distance away and a different mine plan would then have to be developed. We need more proven as soon as possible and I agree that drilling depths from surface won't be cost effective. Our only choice in my opinion is a ramp. It doesnt even have to be that deep, just a short distance below overburden so the drills can be effective. I know that large veins would be found leading away from Eagle. There usualy are and these could be seen and drilled, not guessed at from surface. Supply can not come from the air, again too costly.Imagine bo helicopter costs except transportation. It must be iceroad delivered. Drilling costs for exploration needs to be at depth from a base that accuracy can be assured. A road next winter and ramp will cost less than we have now in the bank. Training for FNs on ramp is also a great asset. No weather problems, or bugs for that matter, better risk of SP advancement due to what I believe is a shoe in for discovery and a better chance of financing at good rates. I definatly do not want to finance construction at .50 SP Best bang for the buck. We don't have years to play around anymore.

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