I was just looking over Mustangs latest news. I used to own them at one time......LOL. You had asked about our credit minerals as well. I wish we knew.

Anyway have a look at how they looked at their costs in this latest NR snippet:

" Using the exchange rate and metal price assumptions contained herein the Project is projected to yield a pre-tax internal rate of return (IRR: 16.58, +0.15, +0.91%) of 19.4 % and a NPV of C$62.2 million at an 8% discount rate. The undiscounted pre-tax operating profit generated by the project is C$285 million with peak single year pre-tax earnings of $63 million. Net life-of-mine revenue for the project after smelting and refining charges is $569 million. Operating cost per tonne milled averages $39.54 for the life of the project. Cash cost of nickel produced net of credits is CDN$ 2.77 per pound. The initial capital cost of the project is C$123 million including contingency of C$10.6 million.

Wardrop Engineering Inc. (Wardrop) estimated a Proven and Probable open pit reserve totalling 7.11 million tonnes grading 0.64% nickel, 0.13% copper, 0.01% cobalt, 0.10 g/t platinum and 0.37 g/t palladium. The reserve is based on a diluted nickel cut-off of 0.2% nickel. A two phase open pit design was incorporated. Total waste tonnes in phase 1 were 15.54 million tonnes for a strip ratio of 5.5:1. The strip ratio for phase 1 and 2 combined is 10.8:1. The reserve was derived from a geological resource of Measured and Indicated resources of 10.12 million tonnes grade 0.60% nickel, 0.12% copper, 0.105% cobalt, 0.38 grams/tonne palladium and 0.10 grams/tonne platinum.

Based on infill sampling programs carried out in recent months by the Company, Wardrop has noted that strong potential exists for adding additional mineralization from both the "hangingwall" of the pit and the main zone of mineralization. Wardrop suggests that a new geological model for mineralization be created and verified with additional drill holes and further infill sampling of historic drill holes available to the company.

The economic analysis uses the assumption of a US$ 10 per pound nickel price in the first 2 years (based on the assumption that the first two years' production could be hedged) reverting to a long term metal price of $8 per pound. The resulting average prices predicted for the life of the project, expressed in 2007 dollars, are nickel $8.57 (U.S.) per pound, copper $2.42 (U.S.) per pound, cobalt $20 (U.S.) per pound, platinum $ 1,500 (U.S.) per ounce and palladium $ 359.70 (U.S.) per ounce. The base exchange rate assumed for the economic model is Canadian-dollar/U.S.-dollar equals 0.90.

Processing of the ore is to be by standard grinding and flotation techniques. Most of the comminution test work was by SGS Mineral Services of Lakefield Ontario. Metallurgical recoveries used in the study were based on extensive test work conducted at Process Research Associates in Richmond B.C. under the supervision of F. Wright Consulting Inc. Most of the associated analytical work was performed by iPL Laboratories which has ISO 9001 accreditation with check analyses performed by ACME labs of Vancouver BC. Testwork included both open cycle and locked cycle tests. The predicted plant recoveries of 72% nickel, 81 % copper, 71% cobalt, 47% platinum and 82% palladium were based on a locked cycle test that produced an average concentrate grade of 10.2% nickel, 2.5% copper, 0.36% cobalt 9.8 g/t palladium and 1.5 g/t platinum. This concentrate also contained approximately 33% S, 35% Fe and 5.4% MgO. Smelting and refining charges were based on indicative terms received from a Sudbury smelter and refiner of nickel and associated metals. The report of F.Wright Consulting concluded that "Based on more recent open cycle studies... further improvements to recovery may be available by modifications to the reagent scheme."

Initial capital cost (but not including sustaining capital) for the project including contingency is estimated to be $123 million. Major cost components include plant and infrastructure at $65.6 million; mining equipment at $29.4 million; EPCM and owners costs of $13.2 million; tailings and water management of $4 million and contingency of $10.6 million. The plant and infrastructure was designed for an average throughput of 2,750 tonnes of ore per day. Met-Chem Canada Inc. completed the plant and infrastructure design as well as capital cost and operating costs estimation for the plant. Power will be accessed from the Manitoba Hydro grid."