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: Spoke to Paul Semple June 4
As it happens I called Paul yesterday afternoon specifically to ask if the mine schedule, per published FS (Q4 calendar 2013), was still on schedule. It is. Other Q/A's in no particular order: - Bob Rae is deap into Coordinating the negotiations between the group of 9 FN communities specifically within/adjacent to the RoF. Mining companies are included in these negotiations, and all sides are are happy with progress to date. Mine revenue sharing with the relevent FN communities will be included. - Not is "up to its ears " in progressing/ completing the various EA processes which are on schedule to be "signed off" by mid/end August. ie- on schedule. - Paul S. said he would pass on my specific request for a parizotto update confirming present FS timeline and New President appointment (due by June 21). The special 3 member BoD committee is still reviewing candidates, with great level of confidentiality. Semple not on selection committee, obviously. - the EW road "channel" appears to be gaining much acceptance with FN communities, and this is part of the Rae-led negotiation. The power for already announced $350m P1 would / will be "soon" announced P2 phase from pickle lake to webeque/mine sites. Part of "community" FN /Rae mining company meeting underway. These meetings are all attended by NOT people and also part of the forthcoming EA permitting processes. "dull, plodding work, but it's getting done and is posted by NOT. - think in terms of multiple "corridors" for transportation, with power, Internet, and community roads within those corridors. These services /annoucements will be made in time to meet the FS mine -start timeline. - the Rae led negotiations are closely monitors by Feds/clement . Ontario led but with Fed "supporting " in the negotiations. - Paul did not dispute my statement that all should be clear/public in 6 to 8 weeks. - multiple 3p partnerships would be part of the financing of the corridors. - CLF is part of the Rae negotions, but other mine companies also. - milestones (NYC) consultants diss engaged, but tor/ Ottawa lobbyist (cant remember name) still busy/ under contract with NOT. Summary: NOT build start is on schedule and Semple is confidently optimistic. Peter
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