patersons revision, page-3

This is Patersons Your Market Daily.............. Minara Resources Ltd (MRE $4.15) - Great result although priced in – CY07 earnings decline
MRE has reported a record production result for the September Q indicating that steady state production at Murrin Murrin is
becoming a reality. With nickel prices remaining buoyant and MRE unhedged, record earnings for CY06 should be forthcoming.
However CY07 will be a harder year with a major maintenance shutdown planned for October 07. We see better value
elsewhere in the mid-cap nickel producers and accordingly have downgraded MRE to Sell (Switch).