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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Fossil, to me it sounds like the CLFs acq. included Clfs KWG assets and that these assets are going to be used as collateral to support the Nevada loan or transferred to Nevada to reduce the loan amount. I imagine that would be at Nevadas discretion until the agreement is finalized. I have not yet read the document so I am based on the phrases in your note only.

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