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: National Security.
Ingrid It's been awhile since we last spoke. It is my understanding that there will be two feasibility studies; one an updated Ni/PGM centric bankable feasibility and the other an initial bankable feasibility study for Cr which would include off -take revenues and infastructures revenue sharing synergies with partner(s). Am I correct in this assumption? It would seem to me that as long as foreign ownership of a strategic metal/resource stays with a minority owner(s)(bao-CHN ) and US in non control positions; and given recent CHN most favoured nation status (same as us)under under nafta , that national security reason would be used to ensure the BOA minority position AND preclude any 100% takeover attempt. What do you think ? Best, Peter
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