progress report..., page-12

"30/01/2002 DEVELOPMENT:
Young Ni/Co Laterites: Following drilling, resources at Young have been estimated at 167 Mt @ 0.72% Ni and 0.07% Co @ 0.6% Ni cutoff and 58 Mt @ 0.88% Ni and 0.07% Co @ 0.8% Ni cutoff. Development of new heap leaching technology and the testing of bulk samples continued."

And today the same story continues - the directors are laughing all the way to the bank. They have done SFA for over 5 years with the Young project. Next month will probably see another raising, another issue to add to the already amazing 1.8B shares. I did hold but don't anymore as I didn't see any future in it. The resource is poor, LME nickel stocks rising, price going south - will be uneconomical to mine. Hang on to your hats.

Good luck to all holders.