Business Description

Gladstone Pacific Nickel Ltd. The Group's principal activity is exploring for and developing nickel and cobalt minerals. It operates only in the mineral evaluation business within Australia and south-west Pacific region.

Gladstone Pacific Nickel Limited (GPNL) is an Australian mining development company presently undertaking a Definitive Feasibility Study (DFS) for the Gladstone Nickel Project (GNP). The company's vision is to build a major long-life nickel cobalt refinery at the deepwater Port of Gladstone, in Central Queensland, Australia, treating abundant high grade nickel laterite ores from New Caledonia and other south-west Pacific islands, underpinned by beneficiated ores from its own Marlborough deposits. The Project has the potential to be one of the largest of its type in the world producing some 126,000 tpa nickel (8 -10% of global nickel demand) and 10,400 tpa of cobalt metal from its first two stages.

The GNP will comprise of; a high pressure acid leach (HPAL) plant and metal refinery in the Yarwun Precinct of the Gladstone State Development Area (GSDA); nickel mines and loadout/shipping facilities in New Caledonia and potentially other south-west Pacific islands; ore importation facilities at the Port of Gladstone; a modern nickel mine and beneficiation plant at Marlborough with a proposed slurry pipeline to take the beneficiated ore to Gladstone; and a long-term residue storage facility located in the Aldoga Precinct of the GSDA.

KEY DATA:

Gladstone Pacific Nickel Ltd Ticker: GPN

GPN Directors/Managers :
Chairperson (Exec.): Mr RA Pearce (Robert)
Executive Director an d executive Chairman: Mr PJ Matheson (Peter)
Director (Non-Exec.): Mr AE Daley (Andrew)
Director (Non-Exec.): Mr JG Henderson (James)
Director (Non-Exec.): Mr PJ Watson (Peter)


Exchanges: LON
0 Sales: 0
Currency: Australian Dollars
Fiscal Year Ends: June
Share Type: Ordinary
Country: Australia
Major Industry: Metal Producers & Products Manufacturers
Sub Industry: Miscellaneous Metal Producers
Employees: 9
Market Capitalization: 143,348,407
Ordinary Shares in issue.41,909,716
Closely Held Shares: 9,575,000

16-03-2007 RAB Special Situations - 13,463,642 44.3700
11-04-2006 Andrew Daley - 1,250,000 5.9900


http://www.gladstonepacific.com.au/clientuploads/Presentations/GPNL_MajorProjectsConference_28Jul06.pdf

NEW project presentation!

http://www.gladstonepacific.com.au/clientuploads/Presentations/070326NewCalNiConfPresentation-English.pdf

http://www.gladstonepacific.com.au/index.php?src=


Useful Links

http://www.mineralprices.com/

http://www.lme.co.uk/nickel.asp

http://www.miningnews.net/

http://www.minesite.com/

a nice tic up ajcc, may see that 200 again this year ?

yes Smiler, GPN seems to be heading north after a period of stagnation. Changes at the top, closer ties with China and a RAB lawyer on the board bodes well for the coming year - i suspect we shall see a lot higher profile of this under the radar share.....

Gladstone Pacific Nickel Limited
02 January 2008


GLADSTONE PACIFIC NICKEL LIMITED ('Gladstone' or 'the Company')
(ACN 104 261 887)

Suspension of Shares from trading on AIM

Gladstone notes the announcement from the London Stock Exchange that the
Company's shares have been suspended from trading on AIM. The situation has
followed the decision of the Company's previous NOMAD, Insinger de Beaufort,
to cease to provide NOMAD services to the Company from 31 December 2007.

The Company has been in discussion with an alternative NOMAD, which is currently
completing its due diligence on the Company. This is expected to be complete in
mid-January 2008.

Further comment HERE

Gladstone Pacific Nickel Limited
11 January 2008

11 January 2008
GLADSTONE PACIFIC NICKEL LIMITED

APPOINTMENT OF ADVISER

Gladstone Pacific Nickel Limited ('Gladstone') announces the appointment of
Grant Thornton Corporate Finance as Nominated Adviser to the Company with
immediate effect.

Gladstone's shares will be readmitted to trading on the AIM Market with effect
from 9am today.

:)

Gladstone Pacific Nickel Limited
18 January 2008


GLADSTONE PACIFIC NICKEL LTD

ACN (104 261 887)
('Gladstone'' or 'the Company')

Feasibility Study Results

GLADSTONE NICKEL PROJECT FEASIBILITY STUDY SHOWS US$625 MILLION PROFIT AFTER TAX
& INTEREST IN FIRST YEAR OF FULL PRODUCTION

The Managing Director of the Company, Mr John Downie, announced today the final
financial results of the Feasibility Study for Stage 1 of the Gladstone Nickel
Project ('the Project') ('IDFS').

The study demonstrated, in the first year of full production assuming a two year
ramp up that the Project is expected to generate gross revenues of US$2,417
million and Earnings Before Interest, Tax, Depreciation and Amortisation
('EBITDA') of US$1,373 million at real 1st January 2008 terms using current
prices and exchange rates. Profit after tax and interest from the Project, in
the first year of full production, is projected to be US$625 million in real
terms at a gearing ratio of 70% debt for a 10 year loan period with an interest
rate of 8.5% per annum.

'The study analysis confirmed the Project net present value ('NPV') at US$4,322
million(1) using an 8% discount rate and current prices and exchange rates. The
Directors believe this is one of the most advanced projects in the nickel
pipeline. It is situated in a low sovereign risk environment, and it has strong
economics as well as potential for significant expansion.' Mr. Downie said.

The previously reported cash unit operating cost as announced on 25th October
2007 has been revised from US$2.19 to US$2.71 per pound of nickel, net of
by-product credits, due to overseas ore being indexed to the nickel price and
due to a change in exchange rates. The capital cost, also reported in the 25th
October 2007 market release has also been revised from US$3,400 million to
$3,656 million as a result of a change in the exchange rates.

The Company plans to build one of the world's largest nickel and cobalt
production facilities at its site in Queensland, Australia, treating 100% owned
ore inventory from Australia together with ore from its Joint Venture in the
South West Pacific. Stage 1 of the Project comprises a two autoclave plant
including atmospheric leach at Gladstone, producing refined nickel and cobalt
metal. The plant will process Marlborough ores blended with substantial tonnages
of ore imported from Gladstone's joint venture in New Caledonia. The plant can
expect to produce up to 64,753 tonnes of nickel and 6,164 tonnes of cobalt in
the first year of full production.

LONDON (Thomson Financial) - Gladstone Pacific Nickel said that it expects its profit after tax and interest from stage 1 of its nickel project in Queensland, Australia to be 625 mln usd in its first full year of production.

The company also expects earnings before interest, tax, depreciation and amortisation from the project of 1.37 bln usd and gross revenues of 2.42 bln usd.

Gladstone said the operating cost as announced on Oct 25 2007 has been revised to 2.71 usd per pound of nickel from 2.19 usd per pound due to change in exchange rates.

The company said that stage 2 of the project involves expansion to four autoclaves, after which the company will produce around 120,000 tonnes of nickel annually and 12,000 tonnes of cobalt.

The total project, once completed, would place Gladstone as one of the world's most significant nickel and cobalt producers, the company said.

Gladstone Nickel Project Feasibility Study shows US$625 million profit after tax and interest in first year of full production.

Background

Stage 2 of the Project involves expansion to four autoclaves whereupon the Gladstone Nickel Project (GNP) will produce approximately 120,000 annual tonnes of nickel and 12,000 annual tonnes of cobalt. The total Project, once completed, would place Gladstone as one of the worlds most significant nickel and cobalt producers.

The IDFS for Stage 1 of the Project is based on the Gladstone plant being supplied with a blend of Marlborough ore (~30%) and east coast New Caledonian ore (~70 %). Marlborough is a key element of the Project, providing secure local ore supply and risk mitigation for any foreign ore supply disruptions. Detailed mine plans and costs have been completed at the Marlborough deposits. The majority of the overseas ore required for the plant is to be obtained from a Joint Venture between SociMinie Georges Montagnat and the Company under an arms length laterite ore purchase arrangement (as announced on the 20th August 2007). Drilling is now underway to generate a JORC compliant mine ore reserve for the JV deposits. Overseas ore costs also include the direct purchase of 800,000 tonnes of ore per annum from Socides Mines de la Tontouta, a company that owns nickel mines and numerous nickel tenements on the east coast of New Caledonia.

Outputs from Financial Model Unit
Current

Real NPV @ 8% Discount Rate, 100% equity after Tax US$M
4,322

IRR %
17.6%


KPIs in First Year of Full Production
Nickel Production tonne
64,753

Cobalt Production tonne
6,164


C1 cash cost after credits US$/lb
2.71

Free Cash Flow US$M
989

EBITDA US$M
1,373



Major Input Variables (Real basis Jan 2008)
Nickel Price US$/lb
12.89

Cobalt Price US$/lb
44.00

AUD:USD AUD:USD
0.8852

Sulphur Price (FOB Vancouver) US$/tonne
420

Capital Cost at relevant exchange rate US$M
3,656

The consumption rates of reagents and consumables have been estimated by Aker Kvaerner Australia Pty Ltd as part of their role in completing the IDFS. Prices for key reagents have been based on current prices in January 2008. In addition, shipping costs have been calculated based on 10 year long term shipping contract rates provided by industry experts.

A comprehensive labour list has been developed for the proposed operations with an estimated 530 employees required at the Gladstone plant. Labour rates have been based on industry surveys in the Gladstone region.

Maintenance material costs for the refinery were estimated at US$40 million per year based on percentages of direct capital costs of plant, equipment and infrastructure. Additional mine maintenance estimates were provided by mining consultants IMC Consultants Pty Ltd and SRK Consulting Pty Ltd for both Marlborough and New Caledonia respectively.
Average expected feed grades from the mines are expected to produce nickel metal of 63,952 tonnes per annum and cobalt of 6,114 tonnes production per annum for the first 10 years of full production in Stage 1.

Gladstone Pacific Nickel Limited
30 January 2008

Gladstone Pacific Nickel

30 January 2008

Gladstone Pacific Nickel Signs MOU with Chinese Conglomerate to Accelerate
Construction & Financing of Major Project

Gladstone Pacific Nickel Ltd ('GPNL' or 'the Company') today announced the
Company had executed a Memorandum of Understanding ('MOU') for the development
of its $3.65 billion Gladstone Nickel Project (the 'Project') with one of
China's largest conglomerates.

The MOU with China Metallurgical Construction (Group) Corporation ('MCC') signed
by the Company's Chairman Professor Clive Palmer and MCC President Mr. Shen
Heting.

Under the agreement MCC will provide a commercial offer for construction and
financing of the Project, with the potential to establish an off-take agreement.
GPNL will be responsible for operations of the Project.

Highlights of the MOU

MCC has confirmed it is prepared to provide a commercial offer for the
construction of the entire Project; and will send its technical team to
Australia to work with GPNL to evaluate the full construction specification for
the Project within 60 days. MCC has further confirmed its intention to provide a
turn-key Engineering, Procurement and Construction ('EPC') offer for the
construction of the Project.

MCC will establish a special team to meet with the Company to discuss
and finalise the turn-key EPC contract specifications. The Company believes the
MCC offer will be commercially competitive and provide guarantees for the
construction price and EPC process. The parties will work together to enable MCC
to prepare a commercial proposal and offer for the turn-key EPC construction of
the entire Project by 21st July 2008. The target date for construction to
commence in Australia is 31st October 2008 with a target to complete turn-key
construction by 30th April 2011.

MCC has also offered to finance or assist in arranging finance
sufficient to fund the Project from Chinese banks. GPNL has requested and MCC
has agreed to consider coordination of the sale and off take of nickel in China.

Upon execution of the turn-key EPC construction contract for the
Project, MCC intends to invest equity (in an amount to be agreed) in the shares
of GPNL.

MCC has an exclusive right to negotiate and finalise financing and
construction agreements until September 2008.

Today's announcement is in line with the Board's strategy of targeting and
dealing with China and the growth opportunities it offers. The Company appointed
a full-time General Manger to Beijing in December 2007. (See announcement dated
20th December 2007)

GPNL Managing Director Mr. John Downie said 'I am particularly pleased with the
strong commitment MCC has given to the Project following the recent announcement
of the financial results of the Project feasibility study.'

The financial results of the feasibility study for Stage 1 of the Project showed
US$625 million of profit after tax and interest in the first year of full
production and a net present value of US$4,322 million. (See announcement dated
18th January 2008)

'This agreement is another major step forward for our world-class nickel project
in Gladstone', Mr Downie said.

Newly appointed GPNL Chairman Professor Clive Palmer said, 'The new Board
composition has a renewed vigor to develop the Gladstone Nickel Project and a
commitment to ensure GPNL achieves its full potential as a world-leading company
providing appropriate shareholder returns'

'The GPNL team has achieved an outstanding result in obtaining the proposed
co-operation with MCC', Professor Palmer said.

'MCC is currently constructing a large resource project in Australia and has a
presence in our country which will be invaluable in achieving an excellent
result for MCC, GPNL and shareholders', he said.

As provided for in the Share Subscription Agreement announced on 11 December
2007, a related party of Chairman Professor Palmer, Egidia Pty Ltd, will earn a
33% interest in the ordinary shares of GPNL subsidiary Marlborough Nickel Pty
Ltd as a result of the execution of this MOU, though this will be diluted to 25%
on the securing of financing arrangements for the Project.

Transocean Group Pty Ltd (Transocean), a related party of Director Mr Henderson,
is entitled to a success fee of $1 million payable by the issue of shares in the
Company at an issue price of 1.20 following the signing of the MOU. These new
ordinary shares will be issued and notification of the issue made in due course.

ENDS

Highlights of the MOU

MCC has confirmed it is prepared to provide a commercial offer for the construction of the entire Project; and will send its technical team to Australia to work with GPNL to evaluate the full construction specification for the Project within 60 days. MCC has further confirmed its intention to provide a turn-key Engineering, Procurement and Construction (EPC) offer for the construction of the Project.
MCC will establish a special team to meet with the Company to discuss and finalise the turn-key EPC contract specifications. The Company believes the MCC offer will be commercially competitive and provide guarantees for the construction price and EPC process. The parties will work together to enable MCC to prepare a commercial proposal and offer for the turn-key EPC construction of the entire Project by 21st July 2008. The target date for construction to commence in Australia is 31st October 2008 with a target to complete turn-key construction by 30th April 2011.
MCC has also offered to finance or assist in arranging finance sufficient to fund the Project from Chinese banks. GPNL has requested and MCC has agreed to consider coordination of the sale and off take of nickel in China.
Upon execution of the turn-key EPC construction contract for the Project, MCC intends to invest equity (in an amount to be agreed) in the shares of GPNL.
MCC has an exclusive right to negotiate and finalise financing and construction agreements until September 2008.

Gladstone Pacific Nickel Limited
31 January 2008

31 January 2008

GLADSTONE PACIFIC NICKEL LIMITED
ACN (104 261 887)

Appointment of directors - additional information

Gladstone Pacific Nickel Limited ('Gladstone') announces, further to the
announcement 'Board restructure to make way for project construction' dated 11
December 2007, the additional information required to be disclosed in accordance
with the AIM rules for the appointment of directors.

This information relates to the following Directors of the Company who were all
appointed to the Board with effect from 11 December 2007:

Clive Palmer;
Domenic Martino;
Geoff Smith; and
Benjamin Hill.

Gladstone Pacific Nickel Limited
07 February 2008

7 FEBRUARY 2008

GLADSTONE PACIFIC NICKEL LIMITED
(ACN 104 261 887)

GLADSTONE PACIFIC NICKEL LTD TO DE-LIST
FROM THE TORONTO STOCK EXCHANGE


Brisbane, Australia: - Gladstone Pacific Nickel Ltd ('GPN' or the 'Company')
today announced that it has decided to de-list its ordinary shares from the
Toronto Stock Exchange (the 'TSX') effective at the close of trading on February
22, 2008. The Company's shares continue to be listed on the AIM of the London
Stock Exchange. Shareholders holding shares listed on the TSX at the effective
de-listing date will be able to trade their shares on the AIM.

The Company's Chief Executive John Downie commented:

'The decision to de-list the Company's shares from the TSX was based on several
factors including the Company's limited market following in Canada, the costs
and management resources involved in maintaining the TSX listing and the recent
shift to Asian sources of financing with the signing of the Memorandum of
Understanding with China Metallurgical Construction (Group) Corporation'

The Company has been unable to achieve a significant following on the TSX
however it continues to enjoy strong support on AIM. The focus, from both an
operational and financial perspective, is now on the Asia Pacific region and as
a result a TSX listing is no longer aligned with the Company's strategy. The
company will consider capital markets in the Asia Pacific region, such as the
Australian Stock Exchange, to meet its future capital requirements.

Gladstone Pacific Nickel Limited
29 February 2008

29 February 2008



GLADSTONE PACIFIC NICKEL LIMITED

ACN 104 261 887

APPOINTMENT OF BROKER




Gladstone Pacific Nickel Limited ('Gladstone' or 'the Company') is pleased to
announce the appointment of Arbuthnot Securities Limited ('Arbuthnot') as Broker
to the Company with immediate effect.



Recent advances in the Gladstone Nickel Project ('the Project') such as the
signing of a Memorandum of Understanding with China Metallurgical Construction
(Group) Corporation for financing and construction of the Project and the
release of the Feasibility Study results have created the need for the Company
to more proactively manage its shareholder interests.



Gladstone Chief Executive officer John Downie said, 'We identified Arbuthnot as
a key partner in the investor management process due to their strong reputation
in the UK and extensive experience in the mining sector.'

Gladstone Pacific Nickel Ltd



31 March 2008



INTERIM RESULTS FOR THE SIX MONTHS TO 31st DECEMBER 2007



Gladstone Pacific Nickel Limited (AIM Code: GPN) today released their unaudited
interim results for the six months ended 31st December 2007 and confirmed the
Company remains on-track to deliver a world-class US$3.656 billion nickel
project in the industrial port of Gladstone, Australia.



Gladstone Pacific Nickel Limited's ('the Company' or 'GPNL') Chief Executive
Officer John Downie said GPNL was pleased with the progression of the Project
and the numerous activities currently underway to bring the refinery into
construction.



'The interim results were in-line with the expectation of the Company at this
stage of development. The last six months saw substantial progress achieved
across a number of ongoing issues and activities.' Mr Downie said.



The Company reported interim revenue from Ordinary Activities of A$1,213,342
(532,900*) and Expenses of A$2,819,678 (1,238,402*). The loss for the period
(after Income Tax Expense) was A$3,563,935 (1,565,280*) representing a loss of
A$0.095/share (0.04/share*). Shareholder equity at 31 December 2007 stood at
A$86,417,824 (37,954,708*).



Exploration and evaluation expenditure for the period of A$8,684,493 (
3,814,229*) was capitalised to deferred exploration and evaluation costs. Cash
on hand as at the end of the period was A$31,093,645 (13,656,329*).



Highlights



Re-focussed strategy to concentrate on the Asia-Pacific region. Delisted
from the Toronto Stock Exchange.

Signed Joint Venture Agreement with Societe Miniere Georges Montagnat
that provides GPNL a 49% interest in Nickel ore tenements in New Caledonia.

Completed drilling program to substantiate historical results on the
Joint Venture tenements and commenced an 8,000 metre drilling program in
February 2008.

The Environmental Impact Statement completed and Supplement is under
consideration by Queensland's Coordinator-General.

GPNL finalised a A$33 million Land Purchase Agreement with the
Queensland Government.

Feasibility Study results

A change in board composition to provide additional strength and skill
to fast track the Project to construction.

Appointment of General Manager, China to further GPNL's interest in the
country.

Management projections based on global nickel market trends, indicate
that at current nickel prices the project would be extremely profitable.

can anyone work out whether the last rns on holdings was rab accumulating a bit of gpn stock or shedding.....

Australia's nickel capital has a rich life ahead
In 2000 Kambalda as the nations nickel mining heart was unloved and looking at perhaps a decade of life ahead providing the nickel price improved. The pathfinder company that restarted mines on the Kambalda and Widgiemooltha domes has painted a powerful picture for the next 20 years.

Author: Ross Louthean
Posted: Friday , 09 May 2008

PERTH -

The managing director of Mincor Resources NL (ASX: MCR), David Moore, painted a picture at RIUI's Resources Round-Up in Sydney of not only a strong mining performance for the company ahead but also one of great confidence for major new discoveries.

Two other companies that acquired mines from WMC Resources (before it was taken over by BHP Billiton) - Independence Group NL (ASX: IGO) and Sally Malay Mining (ASX: SMY) -- in partnership with Canada's Brilliant Mining -- have also been producing stellar profits and strong production performances.

Moore said that since starting mining, initially on the Miitel mine in 2001 the company has discovered 89,000 tonnes of contained nickel from exploration on five ore systems.

To illustrate this he pointed to the Miitel mine where drilling into the plunging lava flows the company had discovered North Miitel and South Miitel. The perception, Moore said was that these plunging systems have unexplored extension both north and south for 3.2 kilometres at both ends.

"To achieve a further 20 years of production at 20,000 tonnes per annum, Mincor needs to discover 1,060t per ore system per year," he said.

Mincor has been able to find extensions to 12 ore systems in the Kambalda-Widgiemooltha region and was now targeting a whole new ore system on its leases called Strong Ultra-Sized Nickel Ore Body (USNOB) targets. Two of these were an interpreted extension of Independence Group's Long shaft extending into Mincor's ground and a channel-like feature in a basal contact parallel to the deep Otter Juan mine which Mincor acquired recently.

Mincor has had strong profits since 2001, helped by the upward movement of the nickel price from 2002 and it has paid regular dividends since 2001 and today has $A110 million ($US103.4 M) cash and no debt.

The forecast production for 2008 was to achieve between 17-18,000t of contained metal and achieving the 20,000 tpa in 2009. (All Kambalda nickel miners deliver their ore to BHPB's concentrator at Kambalda).

On the Kambalda Dome, Mincor has the Otter Juan and Coronet mines in production, revived mining at both Carnilya Hill and McMahon under construction and a feasibility study on the Durkin mine. On the Widgiemooltha Dome, the operating mines are Miitel, Mariners, Redross and the hard-to-kill Wannaway, the Mariners No 9 project is on "drill out" and the Stockwell prospect was in advanced production.

RNS Number : 1698X
Gladstone Pacific Nickel Limited
20 June 2008



GLADSTONE PACIFIC NICKEL LTD

ACN (104 261 887)

('Gladstone'' or 'the Company')




UPDATED FEASIBILITY STUDY FINANCIAL RESULTS




Gladstone Nickel Project Feasibility Study shows an NPV of US$2.331 billion at current prices with an updated Profit after Tax and Interest in first year of full production of US$538 million.




The Managing Director of the Company, Mr John Downie, announced today the updated financial results of the Feasibility Study for Stage 1 of the Gladstone Nickel Project ('the Project') ('IDFS').




'The Company regularly monitors the effect of changes in key input assumptions, such as Nickel, Cobalt and Sulphur prices and exchanges rates, on the financial results and will provide updated financial results to the market where the effect is significant' he said.




As a result of this monitoring the Company believes that recent changes to these key inputs would have a significant effect on the IDFS financial results and therefore the results announced on 18th January 2008 have been revised.




In spite of the negative effects of lower nickel prices and a stronger Australian dollar the project financials remain strong. Gross Revenue in the first year of full production, assuming a two year ramp up, is expected to be US$2,043 million per year, US$374 million lower than previously announced whilst EBITDA is US$1,019 million, down US$354 million. Projected profit after tax and interest in the first year of full production has been revised from US$635 million to US$538 million in real terms at a gearing ratio of 70% debt for a 10 year loan period and an interest rate of 8.5%.




Cash operating cost for the Project has been revised from US$2.77 to US$2.38 per pound of nickel net of by product credits, due to nickel price, cobalt price and exchange rate movements. The Project net present value ('NPV') is US$2,331 million (*see note below) using an 8% discount rate and commodity prices and exchange rates as at 30 May 2008. This compares to an NPV of US$4,322 million reported in January.




The capital cost, also reported in the 18th January 2007 market release has been revised to US$3,840 million from US$3,656 million. The Directors believe that the Company's association with China Metallurgical Construction (Group) Corporation ('MCC'), based on MCC's prior experience, will reduce the capital cost.




These changes are not expected to affect planned production and the plant can expect to produce up to 64,753 tonnes of nickel and 6,164 tonnes of cobalt in the first year of full production which is expected to be 2015.

(Note: Refer background table of financial outputs, KPI's and major input variables.)




Enquiries to:
John Downie, Chief Executive Officer - Gladstone Pacific Nickel Tel: +61 (0) 7 3231 7100
Fiona Owen - Grant Thornton Corporate Finance Tel: +44 207 383 5100
Simon Rothschild - Bankside Consultants Tel: +44 207 367 8888




This news release includes certain statements that may be deemed 'forward-looking statements'. All statements in this news release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration success, continued availability of capital and financing, and general economic, market or business conditions.




Background

Outputs from Financial Model
Unit
Current

Real NPV @ 8% Discount Rate, 100% equity after Tax
US$M
2,331

IRR
%
13.42%








KPI's in First Year of Full Production





Nickel Production
tonne
64,753

Cobalt Production
tonne
6,164








C1 cash cost after credits
US$/lb
2.38

Free Cash Flow
US$M
751

EBITDA
US$M
1,019








Major Input Variables (as at 30 May 2008)





Nickel Price
US$/lb
9.96

Cobalt Price
US$/lb
47.25

AUD:USD
AUD:USD
0.9564

Sulphur Price (FOB Vancouver)
US$/tonne
420

Capital Cost at relevant exchange rates
US$M
3,840


The consumption rates of reagents and consumables have been estimated by Aker Kvaerner Australia Pty Ltd as part of their role in completing the IDFS. Prices for key reagents have been based on current prices in January 2008. In addition, shipping costs have been calculated based on 10 year long term shipping contract rates provided by industry experts.

A comprehensive labour list has been developed for the proposed operations with an estimated 530 employees required at the Gladstone plant. Labour rates have been based on industry surveys in the Gladstone region.

Maintenance material costs for the refinery were estimated at US$40 million per year based on percentages of direct capital costs of plant, equipment and infrastructure. Additional mine maintenance estimates were provided by mining consultants IMC Consultants Pty Ltd and SRK Consulting Pty Ltd for both Marlborough and New Caledonia respectively.

Average expected feed grades from the mines are expected to produce nickel metal of 63,952 tonnes per annum and cobalt of 6,114 tonnes production per annum for the first 10 years of full production in Stage 1.

What do you make of last RNS ajcc ?

smiler .... for all that RNS initialyy reads pretty positive, it is actually substantially based on hypothesis ..... personally i wouldn't touch it ....... real minnow at 37m cap and minute average volume of about 7k daily implies total illiquidity, apart from the the lack of hard fact to support much of the RNS above

Yes ... it all looks good on paper ?