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: 0.8 price action...

Suspect the price is not the only part of the offer that BHP will have to address.  The option of existing shareholders opting to cash, cash and keep some, or keep all shares in the new Noront would be a value issue.  Smart move by Wyloo.  BHP needs all the shares it can get so allowing existing sharholder to keep their shares is a tricky situation for them.  My guess, if BHP counters they will need to withdraw first offer and somehow allow shares to be counted but still held by shareholders in attaining the desired 50%.

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