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: Shifting goal posts
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The goal is development.

Nope, the goal is exploration.

Lets develop the chromite potential- re the FWR deal.

Nope, just kidding, just shaking down Cliffs, even though the offer cost NOT.

Lets develop the infastructure.

Whats the hurry, infastructure can wait.

NRs dropped to a trickle.

Got a bunch of fancy deep drills that can get to depth.

Oops, the deep drill thing isn't working out so well.

Doesn't inspire a lot of investor confidence.

What's next? Another large PP? Probably, especially if SP starts rising.

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