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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The report effective date is July 3 , most of the assays ,I presume were from drillings starting from september 07- mid april 08. (7.5 months work)

There is a wide gap of drills assays information starting from Mid april and onwards. In addition, as from end May, we have three drills instead of two.(4 months work )

If that is correct, the assumption of the 43101 report is pretty conservative.

BH



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