"BEACONSFIELD, TAS"																																																													
RESOURCE CALCULATION SHEET																																																													
Lower Cut-off grade 0.6%Ni equivalent																																																													
                                                                                                                                                   ALL RESOURCES: HEMATITE															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				0.97	0.05			46881	1.8	84385.8	82157.3	4192.5		1.15	50.3%  77.5%  21.6%																																														
Scotts/Vulcan				0.29	0.18			46262	1.8	83271.6	23830.5	15188.3		0.71	49.7%  22.5%  78.4%																																														
																																																													
TOTALS				0.63	0.12			93143		167657.4	105987.8	19380.8		1.05																																															
																																																													
																																																													
