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: full MD & A

I expect that the 3600 samples were up to the end of November, so they will have a lot more samples ready to submit by end of March.

I would think that with the availability of the hand held test unit, that they are only submitting samples that they believe will warrant further analysis. I don't know how many samples would come from each hole, but would expect that a greater # of samples per hole would indicate a corresponding greater ore body width. Regardless, 3600 samples has to be impressive.

I continue to question the logic of holding results until all the data is amassed, but when I compare their SP with FWR, who have been perhaps overzealous in reporting results on a timely basis, it is difficult to fault them on it.

Many have commented negatively on the burn rate in recent months. I believe Googleye has the answer to the discrepancy. The cost of exploration in the region has to be huge, particularly when it is of the extent we are doing, and the burn rate will be difficult to contain, but how else to do it. We want results.

Regards

K

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