chart, page-10

re: undervalued Hi waterfrontage

In the open briefing on the 7th aug the chairman rick crabb said this;

"Sally Malay has reported an indicated resource of 359,000 tonnes grading 1.3% Ni, 0.7% Cu and 0.05% Co down to 50 metres from surface. This equates to about 4,600 tonnes of contained nickel metal which at today’s nickel price of around A$34,000/t gives this small resource an in-ground value of around A$156 million. Given the well defined shape of the body with a very sharp cut off between mineralisation and waste, I would imagine most of this resource will convert to
reserve, maybe at a slightly lower grade and dependent on metallurgy etc. By the time you take recoveries and smelting costs the payable nickel is however around
50-60% and what you mine of course".

Just remember that this is what the resource stood at in august - there has been alot of drilling since then and alot of drilling into 2007 to go. I am no expert but will have a go at putting a rough figure together (could someone with a decent knowledge please correct me)

$156m in ground value x 60% recovery rate x 40% THX share = approx potential $37.5 m revenue to THX as at august. If i am way off the mark could someone please let me know