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: Re: Spoke to P.Semple on Nov.7/2013/ANL
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ANL
Nov 07, 2012 07:06PM

"There's a clear 3 month delay in mine start-up... that's not "making it up." " -ANL

I think you may have missunderstood my pt 5., (see below): The original start mining date target was end of 2016 (assume dec 2016); Today, Paul said that start mine date was moved from mar,2016 to june/july, 2016, which is still six months before the dec/2016 original FS start mine date. AND, this despite not moving in heavy equipment for the 2012/2016 winter road availablity. Paul had previously told me that he/NOT needed 3 winters of mine construction, and i had assumed winter 12-13 was one of those winters. Hence, despite not using winter 12/13 to move in heavy equipment, the mine starts mid 2016 (all other FS assumptions being delivered on schedule). I think the original (preliminary) FS timetable had some timeline slack in it, hence no slippage due to McG caused delays and any possible CLF delays known to date.

Was anything said about the CURRENT SP? -ANL:

I don't ask this question; its out of Paul's control and he would never answer it because its speculative. Paul has invested his own money in sh purchases. He/team is very focussed on getting the mine built; and that all will get much attaboys/sense of achievement for doing this. It will be a tremendous achievement for these economic times and my personal sense is that the new NOT communications director will have alot to do with raising NOTs profile and political awareness shortly.

5.Will heavy euipment be moved in this winter on winter road (to begin (eg) portal,etc work? "NO. -We have pulled back on equipment in winter 12-13, will make uptime: Mine start will move from Mar/16 to June-July/2016. (this is a bit earlier per my previous understanding).

Peter

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Nov 07, 2012 11:24PM
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