broker valuation matrix, page-5

Dear FedExpress

As MRE already has a 30 year mine life at these levels, it is under no pressure to find further reserves - JBM does not have that luxury.

Also, a spot nickel price of US$40 K which now appears to be more than a possibility in the next 12 months will send all the nickel plays through the roof.

If you want to consider how elastic nickel stocks can be then recall Poseidon - that stock paid for my private school fees as a boy.

Regards Eos