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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Quoted from the MD & A Aug 28 / 08 and Audited Consolidated Financial Statements Aug 28 / 08

“At the end of the year the Company had a cash position (cash and equivalents) of over $52 million.”

Year end was April 30 / 08

Quoted cash burn by NN today: 2.5 million / month

May – August, total of (10,000,000.00) in cash burn

NN quoted today about $40,000,000.00 cash on hand

So it adds up,

Hg

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