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: Tony talking tough
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Are you sure 2nd that they have not already done that?

CVRD has made it clear that the costs in the Vale Inco portion of their business is too high and they will be trimming the costs.

This is the same message the auto industry has for it's North American operations.

In Sudbury a high % of the workforce has been making over $100,000 per year. This is not sustainable in the long term. Nickel will not be at $20 per lb as an average.

The Company has to be able to at least break even and make enough money for capital expendatures. At these wage rates losses are inevitable.

Technology in the mining industry has improved but it is still a labour intensive industry.

SN

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