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: Cliffs - Comparison

"One thing that's slipped my mind over the past few years is the actual size of Cliff's chrome resource. It appears that we're now sitting with 44 million tonnes of measured, indicated and inferred so how does this compare to what Cliffs has reported?"

I believe Cliffs mentioned about 60MM tons for Black Thor.

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