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: Boiled Carrots & Taters

Incentive plans were agreed last year. Today they are mostly a math exercise, the options distributed are what they are supposed to be (give or take a bit). I am sure no employee with share price in their objectives were rewarded for that component of their plan, but I am excited that they must have succeeded in meeting all the other objectives in their incentive plan, means we are moving forward. As to loan and interest: I think of it as a short term financing arrangement versus the alternative of a much bigger PP at these share prices. Much less dilution anticipated this way as long as we come out of it sooner than later, imo.

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