Long Nickel Mine

Independence Group announced new resource and reserve estimates at the Long nickel mine in Australia, in accordance with the 2004 Australasian code for reporting of exploration results, mineral resources and ore reserves. To 30 June 2010, the company had mined 64,109 tonnes of nickel metal at the Long nickel mine (reserves at acquisition in 2002: 26,800 Ni t). After mining depletion of 8,615 nickel tonnes (2009/10 production), resources decreased by 2% from 93,900 Ni t in June 2009 to 91,500 Ni t in June 2010. After mining depletion of 8,615 nickel tonnes (2009/10 production), reserves increased by 3% from 51,800 Ni t in June 2009 to 53,400 Ni t in June 2010.

Independence Group announced the drill results from the Moran ore body located on the Long Nickel Mine, Australia. Highlights of the results include: Hole LSU-289 which intersected 3.4 m averaging 12.5% nickel and Hole LSU-296 which intersected 4.7 m averaging 12.2%. The drill program extended the mineralization 160 m south-east of June 2009 southern reserve boundary.

Independence Group reported 2,026 t of nickel produced for the quarter ended March 31, 2010 at Long Nickel Mine near Kambalda in Western Australia at cash costs of A$4.71/lb. Moran decline and raise bore development has advanced ahead of budget. First production at Moran is still expected in the June 2010 quarter.