rebalancing the dj aig commodity index, page-36

re: drilling results melba flats out el,

80c pre production is pretty conservative.

8500 tonnes per annum of nickel is equivalent to 500,000 ounces per annum of gold.

keep in mind that bdg were capped at over $1 billion pre production and declared they had a 10 million ounce resource with anticipated future production of 600,000 ounces. very similar resource value to agm and yearly production value.

i've used bdg as an example because it too was a single commodity and mine operation.

agm current market cap is $385 million and i think there is a lot more than 50% upside pre production.

every company is different i suppose so i guess time will tell. the important thing is that we hold.

there was a positive write up on nickel in the australian today. stated it was the metal to invest in.

cheers.