when is next exploration result due, page-4

target 2.20 currently 1.37 http://www.mincor.com.au/images/mincor-47--iebie.pdf

September 6, 2006
Mincor Resources NL
(ASX: MCR)
Outperform
Above Average Risk
Upgraded to Outperform & A$2.20 target on Booming
Nickel Price
Event
We have upgraded our rating on Mincor to Outperform following
substantial increases in RBC’s forecast nickel price, particularly CY07, which
rose 33% to US$10.00/lb. We increase our forecast FY07 profit by 72% to
A$64m and 86% to A$50m in FY08 as a result of the nickel price changes.
Our target is increased from A$1.40 to A$2.20.