Wanderer,

I'd rather see this:

If we use the companies 43-101 numbers and your hypothetical tonnes, and using my more optimistic Xstrata ( 23% discount, including by product credits) we could get this:

20,000tonnes X 0.88 (recovery) X 0.93%( ave. grade) X 2204(lbs per tonne) X 9.00 (price of nickel) X 0.77 (Xstrata pay out) = 2.5 million received for payment.

20,000tonnes X 0.88 (recovery) X 0.93% (ave. grade) X 2204 (lbs per tonne) X 5.56 ( LBE's stated cost including smelting fees) =2,005,774

Net = 494,225

If we factor in nickel at 9.42 (todays price) and neglect past expenditures such as plant and equipment costs, our cash flow gets considerably better still.

Best

S