Ni, Co, Cu, PGM, Au Properties in Ontario Canada

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Message: Q1-2008 Statements Review

Re: Q1-2008 Statements Review - notes on McWatters

posted on May 14, 2008 12:18PM

McWatters

Work flow – set up for blasts – blast – take it all away –

Done between 2 days

3 sills 1st 65 metres 3rd sill 130 m vertically – 2nd sill somewhere in between

Preproduction ramps up each time a sill is completed – Sep we could be 500 to 800 tpd (higher grade than 0.7% because sill 1 would be in production

2nd sill may not be mined right away

From feasibility study – Upper zone 0.72% Ni – They expect to see between $1 – 1.5 million dollars from it. McWaters development cost was about $1.6 million dollars – so it offsets a good part of the development costs.

Where are we now ? 31 metres vertically -34 metres to go

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