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Various models show pre-tax cost savings in the range of $2 million to $4 million. The resulting pre-tax cash flow would be in the range of $15.2 million to $17.2 million. The authors are confident in these findings and strongly recommend mining and geotechnical engineering be allocated to complete optimization ....

Approximately 28% of the ore will be mined from the open pit with the 72% balance exploited by sub level caving (87%) and cut & fill (13%) mining methods.

The open pit and the underground mine assessed individually and together in the combined production schedule are economically viable at the study Ni price of US$7.00 per pound. ......................

Ni for sublevel cave, and 0.63% Ni for cut and fill mining methods...........

This independent Technical Report was compiled by Mr. Glen Cole, P. Geo.(APGO) and Mr. Andrew MacKenzie, P. Eng. (APEO) as principal authors with assistance from the following independent professionals

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