agm's nickel may roll in tas

FAST TRACK OF AVEBURY
NICKEL SULPHIDE PROJECT
AFTER INCREASE IN MINERAL RESOURCES

CHAIRMAN'S COMMENTS:

Following the significant expansion of the Avebury Resource to 4 m tonnes of 1.5% nickel, we believe that the Avebury Resource will, (subject to studies to commence immediately) justify fast track development of the Avebury nickel deposits. This will involve the application for a Mining Lease to allow the development of a decline to access the mineralisation first for testing and evaluation, and secondly, to permit mining of the body to commence. Subject to satisfactory agreements being reached with Western Metals for the use of their Hellyer facility, the ore would initially be trucked to Hellyer for processing at the rate of about 300,000 tonnes per annum which would produce about 5,000 tonnes nickel in concentrates per annum.