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: Medium Risk ?

How will they come up with financing (700M) for the planned mine?

NOT is sitting on ≈15.5M cash - and 14.5M debt - not very promising.

Secondary? more debt?

Medium risk is a fair (rough) evaluation imho.

Long NOT.V since 2007.

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