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: Happy holidays!

I on the other hand am not surprised and even a bit disappointed with the gain in sp. I
expected more, nearer 30 cents by now. I expect mid 30s cents in the first week of January and if no additional news comes out ( do not expect any) for the sp to slide back into the
20s by late January.

However I no longer expect 15-16 cents any more. Suspect that opportunity is gone for good on the argument that the EA approval will not drag us into Spring.
The EA is fairly well done and should be a simple procedure for the authorities to give us
their blessing, that means fairly quickly.

I qualify, should approval not come as early as I expect then below 20 cents IS a distinct
possibiliy.

Always complications.

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