2005 nickel deficit double original forecasts, page-2

******$8 in april 2005***** My preliminary calculations show JBM is very likely to be $8 in April 2005.

NPV will not be a problem when Anomaly 1 starts producing 15,000-20,000 tonnes per annum.

Cosmos will be producing higher outputs with "1200" target Nickel & extended mine life.

Dividends will remain above 7%

I expect P/E to remain a respectable 8 to 1.

Nickel will average over $5 US/lb.

For Non Holders of JBM, i'd suggest now might be a good time to buy.

Cheers.