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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Also, they are just now "floating" the idea of conducting negotiations in parallel to the EA and construction etc. I mean, come on!

Even if the ToR get approved, the EA still has to go through AT LEAST 6 months. Negotiatons segment of the framework agreement is about to start... meaning, they have not yet started. We all know the pace this has been moving.

I suspect another delay so don't be surprised if the commercial prodcution date turns to 2020.

It's not unreasonable to expect prudent and realistic guidance, especially when they know how slow the government is working!

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