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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Is there a more robust 43-101 than the highlights on the news release? The numbers are not adding up and I want to see assumptions.

($7B*90% - Capital costs ($1B) - operating costs ($1.5B) ) * (1-.35) = 2.5B

Even using a NPV framework (where all after-tax cashflows are discounted at 6%) i'd expect somthing closer to 1.5B ... comments welcome.

Maybe I'm missing some costs that aren't disclosed? Only did a quick read... I will be working this out a bit more later tonight.

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