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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Neville; Cliffs bought into the ROF by buying all Freewest's holdings and thus became aligned with KWG who along with Spider Resources owned, I believe, 25% each of the Big Daddy Deposit jointly held with FWR. FWR owned the other 50%. We all know how the marriage worked out when Cliffs got greedy and went after either Spider or KWG but not both, to obtain majority (70%) of the Big Daddy Deposit. They were successful, after a major battle with KWG. I do not believe Cliffs ever purchased any NSR re Big Daddy or other ROF Properties. KWG gained a further 5% of Big Daddy by further cash, etc. on Big Daddy. As NOT now owns all of Cliffs holdings in the ROF, including 70% of Big Daddy. rj

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