Did some further calculations after my METAL EQUIVALENTS. Wanted to compare the ROF chromite with the Voiseys Bay scenario for equivalent tonnages.

Assumptions made:

In situ chrome ore values based on $1/lb ferrochrome

75% chromite in ore, in situ value $927/tonne

50% chromite in ore, in situ value $619/tonne

25% chromite in ore, in situ value $309/tonne

June 95 - Inco purchased 25% of Voiseys Bay deposit (i.e. Ovoid), with 25Mt proven at Ovoid grades for $387M US. Total in situ metal value of Ovoid approx $7.9B US==>purchase price represented 20% of in situ metal value of 25% of deposit (95 metal prices used)

April 96 - Inco closes deal for 100% for all VB deposits of 150Mt proven and probable with total in situ value of approx $29B US for some $4.3B US==>purchase price represented 15% of total in situ metal value (06 metal prices used)

If a similar scenario would happen at the ROF, what would be the required thresholds or triggers vis a vis chromite tonnage based on in situ metal equivalents today?

First Acquistion - 75% chromite=>8.5Mt

50% chromite=>12.8Mt

25% chromite=>25.6Mt

Final Acquisition - 75% chromite=>31.8Mt

50% chromite=>46.8Mt

25% chromite=>93.8Mt

I offer these figures merely as ball park/back of the envelope calculations. What the numbers suggest, at the minimum, is that the tonnage of chrome ore to be initially found and proven at the ROF need not necessarily be as large as that needed at VB in the early stages to attract a major to make a definitive move.

Comments are always welcome.

Hope that the above somehow lightens or brightens your day and your weekend.

Respectfully submitted

geoprof