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: Positive - Not so positive

Positive - Not so positive

posted on Dec 05, 2008 10:53AM

In the past six months or so:

Positive

Hit massive sulphides under eagle one

Not so positive

Economy, credit market

New BOD; out with RN...new incoming board trashes project that many shareholders felt had good potential, but don't elaborate....while assays still pending on area of interest....and on top of that, gold is the only commodity which appears to be showing any kind of relative strength....this could have been something we could have had in the positive category (the potential of good news at W-3)....but seems they've managed to kill that idea

Options to new board after being in for a very short period....no CEO....creates skeptism about the ability of acting CEO's to run this company

PP at .80....dilution...money was not needed....difficult to raise in this market....this is quite telling

PP not completely filled....even at .80......confirms this was not a good idea in this market....not even insiders could fill the few remaining shares needed to fill the order; this is quite telling...would have been something we could have put into the positive category

Obvious trust issues with respect to the new BOD from retail shareholders....nothing to date to alleviate those issues; only compounding

Burning cash....share price breaking new lows daily now...in current market, cash is king...with the backlog of news, even without drilling, we will be getting news for the next six months without burning cash....most other companies are following this strategy which is helping to put a bottom on their share price...this one keeps hitting new lows

News way overdue on many fronts....no assays for W-3 zone at Windfall.....assays for AT-12.....follow-up to new deposit under eagle one....current plan by new board.....ect, ect, ect

No news from JV partners....nothing positive anyways....it wasn't just NOT that showed such promise; it was the whole area....many NOT shareholders also invested in the area....all of them are now also down in the area of 90%...

It's no wonder shareholders are quite anxious....infighting and all....makes one wonder how much of this was planned for some time now; what people's real motives are.....some wanting to trust....some still hoping...wondering where is the bottom in all this?

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