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: Burn Rate Warning

Mark, you do not have to name names as everyone knows or can go back and see that was my post. It was not meant as a warning at all and if you perceived it that, I apologize. When you combine the expenses from DE and Windfall, you are sitting at slightly over 3M per month. Now this was before we moved into our new, much larger offices, added some great talent and got our fourth drill. So my number of 3.5M though not backed up by a quarterly report should be close to our reality now. Everyone knows I am a "permabull" on NOT so how you could think I was issuing a dire warning, I am not sure. I have discussed that Windfall will probably yield some cashflow from the bulk sampling as well for the record.

Cheers,

Glorieux

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