Statement of Mineral Resource

NICKEL / COPPER RESOURCE TABLE

All Resources have been estimated to a JORC standard and have not materially changed from Fox Resources’ 2009 Resource Statement and are re-stated here. Mr Jeremy Peters, a full time employee at the time of resource estimation, takes responsibility for these resource statements.

Notes relating to cutoff grades for the various resource estimates appear below:

  1. 2009 estimate (Snowden) Cutoff Grade 0.5% Ni in Ni dominant material, and 0.5% Cu in the Cu dominant hanging wall
  2. 2010 estimate (Snowden) Cutoff Grade 0.3% Ni Equivalent (=Ni + Cu/3)
  3. 2010 estimate (Snowden) Cutoff Grade 0.3% Ni Equivalent (=Ni + Cu/3.3)
  4. 2006 estimate (RSG Global) Cutoff grade 0.5% Cu or 0.5% Zn. The measured resource has been depleted from the RSG estimate by 20,000t based on company mining records
  5. 2007 estimate (Coffey Mining) Cutoff grade 0.4% Cu or 0.4% Zn
  6. 2006 estimate (RSG Global) Cutoff grade 0.4% Zn