Ann: Mirabela Nickel 2011 Findings Summary from N, page-4

re: Ann: Mirabela Nickel 2011 Findings Summar... Really good reporting by Mirabela in the MD&A. Accept I was wrong about Nickel price not being a factor. The SP did not seem to be correlating with Ni, but more so inversely with POO.

There is no mention of a risk of NI prices going through a cap, so I assume the Norilsk offtake agreement has no cap, so only a year and a half or so of future production is hedged approx.

I think I'm a buyer at a lower price - around $1.50 to $1.60, and am possibly a short at a higher price ATM - $2.20 to $2.50. The main issue IMO is whether they can get the pre-stripping, de-sliming and processing plant expansion done with a current asset surplus of $50m approx in place, and available credit facilities?

I think they'll be back for more cash. Hard to avoid surprises. However once they have the pre-stripping, de-sliming and expansion done, and if no big surprises - the SP should do fantastically.

That is my take for what it is worth.