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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: step out hole required!

It seems we always have our expectations way ahead of the pace of work being accomplished or as some would argue: released to the public. We seem to get cummulative good news that does not result in cumulative increases in share price. This is very frustrating and does not make sense but who am I to say what makes sense. I won't repeat all the positive assets we have because it has been done so many times. I will just say that they have added up over the last couple of years. You would think soon that the sum of the parts would amount to much more than the total value we are seeing today.

My take on the holes that were released is they were concentrated on a small area. Look at the links for the plan and sectional views of the holes. 54,56 and 58 were drilled from the same collar , in a west to east direction and targeted E1b. All three hit the target. 53 and 53W were on the same section and drilled much steeper and hit E1c as they were designed to do. So far, we have 53, 53W and 49 into E1c. Not much data available there to guess the tonnage. When you look at the sectional view, b and c lenses were intersected in a 50m space directly on top of one another. Kind of uncanny, but makes you visualize an ore body in the shape of a tall can.(pardon the pun)

It looks to me that 51 was drilled about 50m south of 54/56/58 and 52 stepped out another 50m from that. Kind of confusing but you can follow it looking at the diagrams referenced on the PR. To summarize, the few holes released targeted a small area. If that is all that is there, than we are screwed. However, there is a lot of space adjacent to the known mineralization that we have no info available to us, especially to the north and east. Once there is a critical mass found that makes this feasible, the sum of the parts will be realized. There are many holes drilled, so hopefully we will widen out those orebodies soon.

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