I thought while you are all awaiting the lastest Asks, or the next round of drill results, you might want to sink your teeth into this analysis. It's garnered a lot of attention at another site but so far very little response. Look forward to reading any and all responses from this site.

ISM has a total capacity to produce 42,134 tons of nickel (L North -- 33296, L #1 -- 8838) that has a RETAIL value of $520 million dollars (assuming 80% recovery rate). MICON believes that there is a potential for 2 - 4 times that amount that is being explored now. For arguments sake, I will do the calculated on the indicated resources and then apply these potentials as MICON believes that it is of similar grade. Open-pit costs $4.56 to extract and this is an open-pit model. MICON believes that previous exploration for Open-PIt was not done because NI prices were too low at the time justify it. Now the calculations, we have (8,324,000@.4% & 1,733,000@.51% = 10,000,000 tons @.41%). Cost of processing 10,000,000 tons with Open-Pit = (10,000,000*4.56)+(10,000,000*25) = (45,600,000)+(250,000,000) = $295,600,000. Lets add 25% for mining taxes, income taxes, environmental, capital financing, etc that would be an additional $73,500,000. Total cost for processing is $367,000,000. If we now take the total revenue, and apply the cost, we have a gross profit potential of ($520,000,000 - $367,000,000) = $153,000,000. If the additional 20 - 40 tons of NI ore (similar grade) is found as is strongly indicated by MICON, the $153,000,000 becomes $459,000,000 with 20 tons and $765,000,000 with 40 tons of gross profit. If we then divide number of shares into the various levels of gross profit we get 10M tons = (153,000,000/72,400,000) = $2.00/share, 10M+20M tons = ($459,000,000/72,400,000) = $6.25/share, and, lastly, 10M + 40M tons = (765,000,000/72,400,000) = $10.25/share. Again, no long term debt, $24M in the bank, book value of 62 cents/share and not beholding to creditors. What we need now a an economic feasibility study to confirm the value in the indicated resources and more evidence to support the additional 20 to 40 million tons.