"BEACONSFIELD, TAS"																																																													
RESOURCE CALCULATION SHEET																																																													
Lower Cut-off grade 0.6%Ni equivalent																																																													
                                                                                                                                                   ALL RESOURCES: LIMONITE															Jan 2002																																														
																																																													
Resource				Ni	Co	Sc	Area	Volume	Density	Tonnes	Tonnes 	Tonnes 	Tonnes	%Ni 	Percentage																																														
				%	%	ppm					 x %Ni	x %Co	x ppm Sc	 Equivalent	Tonnes    Ni       Co   																																														
																																																													
Barnes Hill				0.41	0.09			235615.5	1.8	424107.9	173188.6	38218.2		0.73	 53.4%   56.1%   39.9%																																														
Scotts/Vulcan				0.37	0.16			205884	1.8	370591.2	135635.0	57457.7		0.93	 46.6%   43.9%   60.1%																																														
																																																													
TOTALS				0.39	0.12			441499.5		794699.1	308823.6	95675.9		0.81																																															
																																																													
																																																													
