"BEACONSFIELD, TAS"																																																													
RESOURCE CALCULATION SHEET																																																													
Lower Cut-off grade 0.6%Ni equivalent																																																													
                                                                                                                                                   ALL RESOURCES: WEATHERED SERPENTINITE															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				0.83	0.03			781064	1.8	1405915.2	1173119.3	43353.2		0.94	 61.1%  61.8%  48.4% 																																														
Scotts/Vulcan				0.81	0.05			497752.5	1.8	895954.5	725297.0	46143.2		0.99	38.9%  38.2%  51.6%																																														
																																																													
TOTALS				0.82	0.04			1278816.5		2301869.7	1898416.3	89496.4		0.96																																															
																																																													
																																																													
