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: Dec 15, 2011 MD&A highlights

Company physical 'years' are usually not calendar years. Usually they are delayed by a few months to allow time for compiling information before reporting to commissions and tax man.

Example: Last quarter for 2011 may have calendar dates Jan.1,2012 to Mar.31,2011.

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