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: Revisiting feasibility assumptions
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Given the surge in base metal prices, I find it useful to look back on the assumptions made on the feasibility study and mineral reserve estimates.

The key assumptions and parameters used to convert the mineral resources to mineral reserves are as follow:

 Cut-off grade:

0.5% Ni.  Mining Dilution: 7%.  Mining Recovery: 95%.  Metallurgical recoveries to concentrate: Ni = 90.9%; Cu =93%; Pt = 80%; Pd = 80%; and Au = 80%.

 Cost per tonne milled: $75.31 (mining $31.71; processing $30.51; general and administration $13.09).

 Metal Prices: Ni = 9.08 /lb; Cu = 2.92 /lb; Pt = 1,427 /oz; Pd = $344.7 /oz and Au = $944.00 /oz

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