CARR BOYD

A trial parcel of low grade mineralisation was processed through the ore sorter at Consolidated Minerals’ Kambalda Operations. Results are awaited. Preliminary assessment indicates that significant upgrades can be achieved but at relatively low weight recovery.

Further drill results were released and include 14m @ 1 .3% Ni and 0.7% Cu (from 81m) in hole CRC175 and 15m @ 1 .8% Ni and 0.3% Cu (from 67m) in hole CRC176.

The proposed re-commencement of mining activities at the Carr Boyd nickel-copper sulphide project was being evaluated in two stages. Stage 1 is an Open Pit with the current assessment being based upon a 340mRL pit, i.e., to a depth of about 80m from surface. Stage 2 would be the Underground mine development with decline access from near the base of the Open Pit and extending down to the -30mRL (450m from surface) in order to mine the remaining resources in Shoots 1, 2 and 3 and the previously unmined Shoot 4. The parameters for the 340mRL pit are a Diluted In-Pit Resource of 103,000 tonnes grading 1.1% Ni and 0.4% Cu for 1,120 tonnes contained Ni and 410 tonnes contained Cu, while the Underground Scoping Study identified a potential diluted mineable resource of 533,705 tonnes grading 1.17% Ni; 0.43% Cu for 6,244 tonnes contained Ni and 2,295 tonnes of contained Cu.