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The Company has three main projects: a PGE project in Montana's Stillwater District; a copper project in California's historic Moonlight Copper Mining District; and a nickel-copper-cobalt-PGE project in Ferguson Lake, Nunavut.

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Message: ? for the board re: the untapped hematite potential

Here is some pricing for iron ore. I don't know how muc we will have as a by-product. Anyone here know this answer?

E C O N S T A T S TM

  top
  [A] Iron Ore - Annual Contract Prices  1976-2007 
  [B] Iron Ore - Monthly Spot Price - Fines Only  2007 
  [C] Iron Ore - Producers
  [D] Steel Makers Buyers of iron ore.
  [E] Miscellaneous Price Change Observations

  [A] Iron Ore - Annual Contract Prices        
                            Note price agreement prices.
                            Contracts generally made in the spring/early summer between iron ore 
                            producers and steel manufacturers.  
                            The prices given below are prices arranged at the beginning 
                            of May of the given year.
                            (1) FINES :    the most heavily-traded category of iron ore.
                            (2) LUMP ORE : Lumb ore consists of golfball sized pieces, and has higher iron content than fines.
                            (3) PELLETS :  Iron ore in "pellets" are semi-refined iron ore; blast furnace pellets.

            Iron Ore Prices

            Notes:  Brazil to Europe
            Units:  US Dollars per ton (dry metric ton).

                     (1)        (2)         (3)

                    fines    lump ore     pellets
  contract  
      year  _____________________________________________________________
      1976 |        22.70                   43.80 dollars per metric ton or tonne
      1977 |        23.00                   42.80
      1978 |        21.50                   36.40
      1979 |        23.30                   39.90
      1980 |        28.10                   47.00
      1981 |        28.10                   43.00
      1982 |        32.50                   47.50
      1983 |        29.00                   39.00
      1984 |        26.10                   36.00
      1985 |        26.50                   36.00
      1986 |        26.20                   36.60
      1987 |        24.50                   36.70
      1988 |        23.50                   40.30
      1989 |        26.50                   47.30
      1990 |        30.80                   51.60
      1991 |        33.20                   52.10
      1992 |        31.60                   48.40
      1993 |        28.10       33.00       43.60
      1994 |        24.40       30.40       43.60
      1995 |        26.90       33.30       49.10
      1996 |        28.50       35.20       52.40
      1997 |        28.80       35.20       52.10
      1998 |        29.60       36.20       53.50
      1999 |        26.90       32.20       46.40
      2000 |        27.60       33.90       49.20
      2001 |        28.90       35.10       50.10
      2002 |        28.60       34.30       47.30
      2003 |        31.40       37.30       52.00
      2004 |        37.30       44.40       61.80
      2005 |        64.00       79.00      115.50
      2006 |        76.20       94.00      112.00
      2007 |        83.40                          ' Based upon news of 2006 Dec 22 deal between Baosteel and CVRD for one year starting April 1, 2007.
      2008 |       132.20                          ' 

    Sources : CVRD, Wall Street Journal, US Steel and other steel producers.


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