semismart,

Would like to offer the following comments on your message regarding Phase 1:

Road construction - believe that winter roads can be constructed for ~$20,000/km.

Believe that Purich has included mining costs in the NSR value (see NR #1).

It appears that Purich has included transportation costs into the NSR value. Believe a realistic cost of transporting the ore would be 20 cents per tonne mile. Have seen semis hauling 30 tonnes in the main followed by a 15 tonne pup for a total of 55 tonnes per truck load.

Believe Purich has included smelting in the NSR value.

Believe profit should be closer to ~$700 million.

It appears that the latest newspaper articles have missed what the real headline should be - RN's vision of more than $2/3 billion revenue in Phase 1.

Phase 2 involves construction of a concentrator (supported by the winter road) and a rail line to the site. Year round road to the site is not a necessity (initial infrastructure at Inco Thompson included only a railroad) .

Our value per share is very close but believe the number would be closer to $5/share.

IMHO,

AFS