remaining 2010 work program

1. Additional 3,000m of RC drilling and 2,000m of shallow Aircore drilling which is designed to increase the resource base, convert the Indicated and Inferred resources to Measured and Indicated status and to identify shallow high grade resources (in the top 10m of the laterite profile) which can be processed in the early years of the planned NORNICO Stage 1 Ni-Co-Sc processing plant.

2. Drilling 6 PQ diamond drill holes at Greenvale and Lucknow for metallurgical, geological and bulk density purposes.

3. Additional metallurgical testwork to investigate the possibility of treating high grade scandium ore (>200 g/t Sc which is mostly significantly higher in iron) in the proposed NORNICO Stage 1 plant.

4. Beneficiation testwork on PQ core to further investigate and confirm the expected up-grade of the nickel and cobalt content of the Greenvale ores by simple screening.

5. Incorporate the above additional information into the revised Scoping Study (Mark II) and updated financial model expected to be completed in December 2010.

Current Valuation:
Asset Value
MTE..............$23,200,000
CBX..............$12,738,000
PMQ..............$4,322,500
ORM..............$2,788,665
Cash.............$5,800,000
NORNICO Stage1..$75,000,000

Total...........$123,849,165

MktCap
MLM..............$35,776,500

Discount to Assets......71%