Dear HartcliffThe average nickel price for 2007 is now at...

Dear Hartcliff

The average nickel price for 2007 is now at US$39,996.

Rewlin has a great model which we have previously run numbers through but my back of the envelope estimate at 30,000 K a tonne average is 92 cents (after tax) and at 40,000 K (the current average) 131 cents a share (after tax).

These may be slightly on the low side but it must be considered very likely that the NPAT will fall within the range of 90-130 cents with a surprise more likely on the upside than the downside.

Regards Eos