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: What would we be worth
Things have changed a lot from rhe 1990's till today. Early in my career (mid 80's) I was involved in a mine development. Our progressive HR practice was preferential FN hiring and we had HRDC funded career training. Our EA was done for the ministry and I don't think there was even outside stakeholder involvement.

If going to court was a real option for us it probably would have been done. Assuming we won whatever it is that we want it would probably take a decade to work its way through the courts to get there. Add in that we could lose. Asuming we won we wiuld face FN activism. So the net result is that in 10 years RCF and Franco Nevada will probably own us.

So when I listened to Coutts's interview on Friday about everything being on the table the question for me is what are we willing give to get this deal done. So back to the question.

For fun only. Ignore whether or not you would support it. What do you think we would be worth at the end of April if gave away 50% of the CLF chromite to get a binding deal to go ahead with EN mine as 100% ours and 50% of a FN chromite company (depending on if other players participated).

The flip side is you (NOT) would give to get the deal done?

... Been There
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