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: Two ways to manage
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You sort of answered your own question, Sum, whether you realized it or not.

The simple fact is the company does not have any income. It is an exploration company. It's only source of revenue is from the issue of shares. To then use that source of revenue to repurchase shares would be ludicrous.

The rules are quit explicit, really. The repurchase of outstanding shares can only be done from income, and if I am not mistaken, it has to be from after tax income.

It is simple logic, actually.

Best regards

K

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