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    34,604 Posts.

    hi guys..

    here is something else..

    they had an announcement on the 9/3/04, which was mostly about the bfs...

    no mention in that about any problems with the bfs..

    surely they would have know then about the big delay..
    but they didn't say boo...

    Sherlock Bay Nickel Corporation Limited
    ABN 46 008 942 809
    Level 4, 5 Mill Street, Perth, W.A. 6000 Telephone :(08) 9322 2288
    P.O. Box 7752, Cloisters Square W.A. 6850 Facsimile: (08) 9324 2164
    Email: [email protected]
    The Manager
    Australian Stock Exchange
    Company Announcements Office
    Sydney 2000 NSW
    9 March 2004
    Dear Sir/Madam,
    The Directors of Sherlock Bay Nickel Corporation Limited (SBNC) advise that the
    results of independent metallurgical test work carried out as part of the Bankable
    Feasibility Study (BFS) have provided a materially higher recovery rate than had been
    estimated in initial scoping work that has previously been released to the market.
    At this time two sets of metallurgical tests using the Bio Leach method have been
    completed with a third proprietary leaching test in the final stages. The results of the
    two completed tests have given a very significant 88% Ni recovery rate together with,
    what the company considers, a relatively short leaching time of 37 days. The
    directors consider this to be an outstanding result, as potential increases in recovery
    have a significant result on project economics.
    In the context of the scoping study this result is well ahead of the recovery rates that
    were used. A recovery rate of 75% Ni was used in the scoping study.
    SBNC still has further test work in progress and further results will be announced as
    they come to hand. While using a different bacterial technology, at this time SBNC
    has no cause to believe that these results will vary materially adversely to those
    obtained to date.
    The full BFS is scheduled for completion by the end of the March quarter with a full
    market update to be provided at that time on the project.
    AL (Boris) Gerick
    Managing Director

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