Massive Black Horse Chromite Discovery

Black Horse deposit has an Inferred Resource Now 85.9 Million Tonnes @ 34.5%

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Message: Conversation with IR

I had a few questions for IR and called today. Questions and (to the best of my recollection) answers -

Q When will drilling start?

A Early Oct. Possibly securing Drillers who worked with FWR, only 12 holes to drill so should only take 1 month.

Q Still dissenting?

A Yes

Q what appraisals will we use for dissension?

A ones we had done earlier.

Q Will our value for dissension be increased?

A Judge will determine value and most certainly would want to see existing valuations. We certainly feel that .19 for SPQ was way undervalued.

Q who has wall at .12 and always seems to be dumping at .12?

A Unknown who is doing it.

Company has been working on other initatives and Frank has been very busy and now with Summer over , we can expect movement and hopefully share appreciation. Inquired if Cliffs may be interested in us, was advised they would probably want to get SPQ over with first. Possibly other things I should have asked but could not think of to much more. Hang tough! rj

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