"BEACONSFIELD, TAS"																																																													
RESOURCE CALCULATION SHEET																																																													
Lower Cut-off grade 0.6%Ni equivalent																																																													
                                                                                                                                                   ALL RESOURCES: SAPROLITE															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				0.92	0.06			3846246	1.8	6923242.8	6357806.1	442928.0		1.13	 75.1%  78.8%   68.9% 																																														
Scotts/Vulcan				0.75	0.09			1272492	1.8	2290485.6	1715397.6	199959.3		1.07	24.9%  21.2%   31.1%																																														
																																																													
TOTALS				0.88	0.07			5118738		9213728.4	8073203.7	642887.3		1.13																																															
																																																													
																																																													
