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Blackstone's Norway Nickel Resources
| Norway Projects Inferred Resources |
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| Deposit |
Tonnes |
Ni% |
Cu% |
Co% |
lbs Nickel |
lbs Copper |
lbs Cobalt |
| (i) Ertelien |
2,697,000 |
0.83 |
0.69 |
0.06 |
49.3 million |
40.8 million |
3.4 million |
| (i) Stormyra |
1,013,000 |
1.09 |
0.48 |
0.04 |
24.3 million |
10.8 million |
0.9 milion |
| (ii) Dalen |
5,438,000 |
0.25 |
0.11 |
0.02 |
29.7 million |
13.6 million |
2.3 million |
| (iii) Total |
9,148,000 |
0.51 |
0.32 |
0.03 |
103.3 million |
65.2 million |
6.6 million |
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| Norway Projects Indicated Resources |
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| (ii) Dalen |
4,625,000 |
0.29 |
0.12 |
0.02 |
30.0 million |
12.1 million |
2.5 million |
(i) Resources estimated using a US$100 gross metal value (GMV) cut off using metal prices of US$8.00 for nickel, US$2.00 for copper, US$8.00 for cobalt.
(ii) Resources estimated using a US$40 gross metal value (GMV) cut off using metal prices of US$8.00 for nickel, US$2.00 for copper, US$8.00 for cobalt.
(iii) Weighted average grades for nickel, copper and cobalt
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issues.
(2) The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
(3) The mineral resources presented here were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.
(4) The mineral resource estimates were completed by Reddick Consulting Inc. and are effective January 13, 2009
Sweden Projects Inferred Resources (NI43-101 compliant)
| Deposit |
Tonnes |
Ni% |
Cu% |
Co% |
lbs Nickel |
lbs Copper |
lbs Cobalt |
| (i) Ror |
6,370,000 |
0.35 |
0.04 |
0.01 |
48.7 million |
5.5 million |
1.9 million |
| (ii) Lainejaur |
645,000 |
1.33 |
0.66 |
0.09 |
18.9 million |
9.3 million |
1.3 million |
| (iii) Lappvattnet |
1,139,000 |
0.91 |
0.19 |
0.02 |
22.9 million |
4.8 million |
0.5 million |
| (iiii) Total |
8,154,000 |
0.50 |
0.11 |
0.02 |
90.6 million |
19.6 million |
3.7 million |
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| Sweden Projects Historical Resources |
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| (iv) Brannorna |
326,000 |
0.63 |
0.04 |
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4.5 million |
0.3 million |
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| (iv) "Mojo" |
213,000 |
1.40 |
0.20 |
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6.6 million |
0.9 million |
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| (iv) Backviken |
70,000 |
0.46 |
0.27 |
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0.7 million |
0.4 million |
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| (iv) Grakalen |
35,000 |
0.40 |
0.18 |
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0.3 million |
0.1 million |
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| (iv) "Juggs" |
261,000 |
0.73 |
0.41 |
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4.2million |
2.4 million |
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| (iv) Total |
905,000 |
0.82 |
0.21 |
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4.1 million |
4.1 million |
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(ii) Resources estimated using a US$100 gross metal value (GMV) cut off using metal prices of US$8.00 for nickel, US$2.00 for copper, US$8.00 for cobalt.
(iii) Weighted average grades for nickel, copper and cobalt
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issues.
(2) The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
(3) The mineral resources presented here were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.
(4) The mineral resource estimates were completed by Reddick Consulting Inc. and are effective May 4, 2009
(iv) Source: Swedish Geological Survey (SGU) Report, 1987.
(iv) It should be noted that the resource estimates prepared by the Swedish Geological Survey should be considered to be historical, and as such do not conform to the requirements of National Instrument 43-101. Although Blackstone consider the resource estimates to be relevant, they have not been verified by a Qualified Person for Blackstone, as required by National Instrument 43-101, and should not be relied upon. Blackstone intends to establish new resource estimates under National Instrument 43 101 guidelines in due course.
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