45pct open pit resource upgrade for santa rita

• 130 million tonnes at 0.60% Ni & 0.16% Cu (Measured and Indicated) for 780,000t of contained Ni
• 20 million tonnes at 0.60% Ni & 0.16% Cu (Inferred) for an additional 120,000t of contained Ni

At a planned throughput rate of 6.4 mtpa, to produce 27,000tpa of nickel, this
resource represents over 20 years of mine life.

Pit optimisation studies for the Santa Rita resource were undertaken by independent consultant Croeser Pty Ltd using the following parameters:
• The operating costs from the pit optimisation study announced November 2007 increased by 10%
(representing a 10% reduction in the long term exchange rate to US$:1.80 Real)
• Latest pit slopes as recommended by Brazil-based geotechnical consultants VOGBR
• A nickel price of US$7.00/lb (the same as used in the previous resource estimate)