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: How long does it take engineering to do 43-101?

A 43-101 resource calculation would take a couple of months from the time they have all the assays for all the holes they are going to include. The biggest part of that time lag would be the metallurgical work on determining what the best recovery methods and rates would be. At a minimum they will have to wait until they get the Rhodium results for the existing holes before they start the metallurgical work.

I suspect that they already have someone roughing out the model to get a feel for how many ounces they are working with. It possible they have a target amount that they want defined before they release a formal estimate and that they will continue to drill deeper on DE1 until they get to that number.

There is little advantage to rushing to get a resource calculation done as we are well financed to do exploration through to next winter and a lot of things will change between now and then that will go into the report. One thing that may drive them to release a 43-101 resource calculation is to raise money to go underground on DE1.

... Been There

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