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: The Xstrata Riddle
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%0 to a Hundred million tonnes of nickel ore? Better start calling all these other mines.

NICKEL: NEW SULFIDE PROJECTS SCHEDULED FOR COMPLETION BEFORE 2020, BY YEAR
Annual
production
Estimated capacity
Projected Resource resources (metric tons
year of first Country and grade (thousand of contained
production state/province Project and company1 (% nickel) metric tons)2, 3 nickel) Nickel product
2006 Australia Forrestania-Flying Fox, New Morning, 5.42 1,200 7,000 Concentrates.
(Western Australia) Diggers South 6.51 1,400
Western Areas NL 1.94 9,400
2006 do. Lanfranchi�Deacon, Helmut South, Winner 2.59 2,400 6,300 Ore.
Sally Malay Mining Ltd., Donegal
Resources Ltd.
2006 do. Waterloo and Amorac 3.50 299 10,000 Concentrates.
LionOre Australia Ltd.4
2007 Australia Avebury 1.16 3,300 8,500 Do.
(Tasmania) Allegiance Mining NL 0.97 13,000
2008 Australia Prospero, Tapinos, Alec Mairs, Anomaly 1, 4.73 2,700 �5� 10,000 Do.
(Western Australia) Sinclair 0.62 53,000
Jubilee Mines NL6
2008 Canada Podolsky, '2000' and Whistle Pit 0.75 6,700 3,300 Ore.
(Ontario) FNX Mining Company, Inc. 0.30 3,200
0.15 4,900
2008 do. Shakespeare 0.33 12,000 4,500 Concentrates.
URSA Major Minerals Inc. 0.37 1,800
2009 Brazil Santa Rita 0.62 9,600 18,500 Concentrates or matte.
(Bahia) Mirabela Nickel Ltd. 0.56 79,000
0.51 15,000
2009 Canada Bucko Lake 1.84 2,400 5,700 Concentrates.
(Manitoba) Crowflight Minerals Inc. and Xstrata plc 2.01 100
2.23 1,200
2009 Canada Nickel Rim South 1.70 14,000 10,000 Do.
(Ontario) Xstrata Nickel
2009 Finland Talvivaara (Kuusilampi and Kolmisoppi) 0.27 340,000 33,000 Bioleachate.
(Oulu) Talvivaara Mining Company Ltd. 0.27 78,000
2009 Finland Kylylahti copper-cobalt 0.22 7,900 1,000 Ni-Co hydroxide.
(Pohiois) Vulcan Resources Ltd.
2009 United States NorthMet 0.08 250,000 7,100 Byproduct concentrate
(Minnesota) PolyMet Mining Corp. 0.08 330,000 of Ni-Co hydroxide.
2009 Vietnam Ban Phuc 2.40 1,010 4,000 Concentrates.
(Son La) Asian Mineral Resources Ltd. 2.77 220
2009 Zambia Munali (Enterprise deposit) 1.23 6,700 8,500 Do.
Albidon Limited 1.40 1,300
2009 Zimbabwe Hunters Road 0.56 29,000 2,000 Do.
Bindura Nickel Corp. 0.50 7,000
2010 Australia Sherlock Bay 0.49 33,000 8,500 Precipitated leachate.
(Western Australia) Australasian Resources Ltd.
2010 Canada Fraser Morgan 1.86 3,400 7,500 Concentrates.
(Ontario) Xstrata Nickel 1.69 1,600
1.80 2,400
2010 United States Eagle 3.80 3,600 27,000 Ore.
(Michigan) Kennecott Minerals Company 2.20 500
2011 Canada Totten 0.74 6,000 8,200 Concentrates.
(Ontario) Vale Inco Limited 0.75 550
2011 South Africa Sheba's Ridge 0.18 410,000 23,700 Do.
(Mpumalanga) Ridge Mining plc and Anglo Platinum Ltd. 0.18 310,000
0.17 53,000
2012 Australia Honeymoon Well and Avalon (Bulong) 0.65 120,000 40,000 Concentrates, initially.
(Western Australia) LionOre Australia Ltd.4 and OM Group, Inc.7 0.65 120,000
See footnotes at end of table.
TABLE 14�Continued
NICKEL: NEW SULFIDE PROJECTS SCHEDULED FOR COMPLETION BEFORE 2020, BY YEAR
Annual
production
Estimated capacity
Projected Resource resources (metric tons
year of first Country and grade (thousand of contained
production state/province Project and company1 (% nickel) metric tons)2, 3 nickel) Nickel product
2012 Australia Yakabindie 0.58 250,000 40,000 Ore.
(Western Australia) BHP Billiton Group 0.60 190,000
2012 Finland Kuhmo (Peura-aho, Hietaharju, Vaara) 0.38 7,700 3,000 Ni-Co hydroxide.
Vulcan Resources Limited and Polar
Mining OV
2012 Russia Kun-Manie (Vodorazdelny, Ikensoe, 0.61 3,700 16,000 Concentrates.
(Amur) Maly Krumkon, Falcon) 0.48 48,000
Amur Minerals Corp. 0.54 17,000
2012 Tanzania Kabanga 2.35 9,300 30,000 Do.
(Kagera region) Barrick Gold Corp. and Xstrata Nickel 2.80 39,000
2012 United States Mesaba 0.12 300,000 20,000 Byproduct concentrate
(Minnesota) Teck Cominco American, Inc. of Ni-Co sulfide or
hydroxide.
2013 United States Birch Lake, Maturi, Spruce Road 0.19 100,000 8,600 Byproduct concentrate
(Minnesota) Franconia Minerals Corp. 0.26 83,000 of Ni-Co hydroxide.
0.14 28,000
2014 Canada Maskwa 0.77 590 3,800 Ore.
(Manitoba) Mustang Minerals Corp. 0.59 9,500
0.40 830
2015 Canada Nunavik/South Raglan (Allammaq, Mesamax,� 0.91 16,000 6,800 Concentrates.
(Quebec) Mequillon, Expo, Ivakkak, TK deposits) 0.87 720
Canadian Royalties Inc.
2015 United States Nokomis/Maturi Extension 0.20 350,000 10,800 Byproduct concentrate
(Minnesota) Duluth Metals Ltd.8 0.18 110,000 of Ni-Co sulfide or
hydroxide.
2017 Canada Kelly Lake 1.77 11,000 NA Concentrates.
(Ontario) Vale Inco
2018 do. Victoria 0.48 10,000 NA Ore.
FNX Mining Company Inc. 0.46 17,000
2019 do. Kirkwood 0.52 9,400 NA Do.
FNX Mining Company Inc. 0.73 7,300
NA Not available.
1Company names reflect organizational structure as of March 2008. BHP Billiton Group is a dual listed company comprising of BHP Billiton Limited���
and BHP Billiton Plc.
2Gross weight, dry.
3"Estimated resources" are rounded to no more than two significant digits. When two or more data sets are listed, the first resource data represent
�measured resources; the second, indicated resources; and the third, inferred resources.�
4Acquired by MMC Norilsk Nickel Group in August 2007.
5Resources estimate includes the Sinclair deposit, 100 kilometers south of the Cosmos operations.
6Acquired by Xstrata Nickel in February 2008.
7Acquired by MMC Norilsk Nickel in March 2007.
8Formerly Wallbridge America Corp., a U.S. subsidiary of Wallbridge Mining Company Ltd., that was spun off in 2006.
Sources: Canadian Minerals Yearbook 2005; company annual reports, presentations, and press releases; and CRU International, Ltd.
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