Dear shareholder,

Thank you for your inquiry. We include, for your reference, an excerpt from our March 20, 2008 press release.

“The study’s base case operating cost per tonne processed and per pound of nickel recovered were calculated assuming copper and cobalt as by-product credits against operating costs resulting in an estimated operating cost of CDN$82 per tonne processed and CDN$3.38 per pound of nickel recovered.”

You will understand, of course, that this Scoping Study was based on market pricing at that time, and our best estimate of costs at that time. In our October 30, 2008 press release, we provided some updates using October market prices. When you refer to manufacturing costs, I believe you are referencing our estimated operating cost of $3.38 per pound of nickel.

Regards,

AGORACOM Investor Relations