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: Large Caps or Junior?
There is something fishy about the Galore Creek situation. While labour and materials demand is very strong the costs should not have gotten out of control as expressed in that investor news letter. The contracting should have allowed costs to be contained and thus there are other reasons not disclosed that resulted in the shut down. Being that we are essentially in winter up there now is a good reason on its own to stop development in the field till late spring. It also gives them some bargaining leverage with contractors if they forgot (extremely unlikely with Teck - Cominco) to put it into the contracts. With their record of getting things on the cheap, I expect they are keeping the cash on hand for some other special purpose. What that may be, we will have to wait and see. On a positive note; Just think of all the Camp workers now available to work the Winter away in the "Ring of Fire"! Wonder how many drillers they let go at Galore Creek? Old Joe
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