Ann: Company Presentation, page-24

I'm not sure you're right about metal recoveries being OK - "almost all of the goodies are in the sulphides".

In the holes to date the pXRF indicates reasonably consistent nickel grades for the entire hole length.

The assays on the other hand are declared differently...the sulphide intervals are picked out using the Ni:S ratio as one of the cut-off factors.

I believe this means that the pXRF nickel intervals not reported in the assay releases contain less sulphides and more nickel in rock. The recovery of nickel in these zones won't be as high as those in the sulphide intervals. That being said, some of the stuff will be mined and some of it will be treated. The concentrate therefore will not be 'pure' sulphide nickel and nickel recoveries will be lower. They will play with cut-off grades to strike the right balance between nickel recovered, con quality and cash.