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WINGELLINA STUDY SUMMARY


                          2008 PFS Results
                                                                            Late	stage	development	or
                          	                                                       100%	                      475	       producing	primary	nickel
                                                                                                                          projects	globally
        Nickel			 Cobalt	       Nickel	  Cobalt	         Mineral	Reserve
        US$20K	US$45K	        Recovery	 Recovery	        168Mt	=	42	Years

           	 	  FX	             92%	     89%	               Ni			0.93%
          	  0.85	                	   	                     Co			0.07%
                                  	                                                 33%	                     160	    Pre	producFon	assets	located	in
                                                                                                                       Australia	or	North	America




                                             Annual	Throughput
                        CAPEX	                    4.16Mt	                             6%	                     31	      Projects	that	have	achieved
                      AUD$2.2B	               Metal	Produced	                                                               study	phase
                       Cash	Cost	                 Ni-40Kt
                   US$3.34/lb	NiEqu
                                                  Co-3Kt
                                                                                                                       EPA	Approval,	TrandiFonal
                                                                                        0.8%	                  4	      Owner	Access	Agreemnt	&
                                                                                                                           Shovel	Ready

                                Tier	1	Project
                                 Economics	&	                                                                  1	      Contained	NiEqu	Resources
                                 5yr	Payback	                                            0.2%	      Wingellina	Project	  >2Mt	with	NiEq	Grade	>1%

         Wingellina	Nickel	                              Wingellina	Cobalt
             Sulphate	                                      Sulphate
                                                                        12
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