vre valuation, page-8

Hi cpb,

You are right about the 65% payable Nickel that BHP pays MCR.

In the meantime we must not forget that we have only see the very beginning of what Carnilya hill has us to offer.

We know the mine has a history of high grades and that we have plenty of upside from exploration waiting for us.

And above all we have a very tight Nickel market that according to the experts will remain tight for some years to come.

This high Nickel price which is currently above the US$23/ oz will do magic to the bottom line and will assure Mincor and VRE of some real good profits.

I am sure that Mincor and VRE will do everything to get Carnilya hill in production asap, and with the skills and management of MCR I can see not many problems of them achieving this goal.

And for those who still do not know I believe that todays price is still a bargain around the 42 cts per share.

good luck

jojo