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: It is quite evident...

Please see my post March 24 at 12:16 pm thereabouts. None of these presentations, nor the politicos nor posters here have addressed the total math that a major has to do to justify a front end takeout at say $1 billion plus (using a modest $5.00+). Until the resource is more definitively quantified, and the type of capital and development times required etc. quantified, we will likely see majors interested but waiting on the sidelines for a more mature resource definition. As soon as the numbers make sense given appropriate risk discounting, there will be movement. The kind of total capital involved (which is a big bite in a remote area with high operating costs ) can buy an entire Hudbay perhaps, on the hoof, and mostly self carrying. NOT seems to be doing what it can to market the development with blue sky proposition.

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