Mincor Resources NL - Resources & Reserves

Mineral Resources as at 30 June 2011***

	MEASURED		INDICATED		INFERRED		TOTAL
Resource	Tonnes	Ni (%)	Tonnes	Ni (%)	Tonnes	Ni (%)	Tonnes	Ni (%)	Ni Tonnes
Mariners 2011 2010	125,000 100,000	3.6 3.5	417,000 542,000	4.8 4.2	65,000 62,000	3.5 3.3	608,000 704,000	4.4 4.0	26,900 28,500
Redross 2011 2010	31,000 31,000	5.1 5.1	138,000 138,000	2.9 2.9	67,000 67,000	2.9 2.9	236,000 236,000	3.2 3.2	7,500 7,500
Burnett 2011 2010	- -	- -	121,000 -	4.8 -	- 250,000	- 3.7	121,000 250,000	4.8 3.7	5,700 9,400
Miitel* 2011** 2010	175,000 51,000	4.2 4.0	318,000 550,000	3.6 3.9	545,000 98,000	3.0 3.6	1,038,000 699,000	3.4 3.8	35,100 26,800
Wannaway 2011 2010	- -	- -	123,000 123,000	2.6 2.6	16,000 16,000	6.6 6.6	139,000 139,000	3.0 3.0	4,200 4,200
Carnilya Hill* 2011 2010	63,000 48,000	4.1 5.0	41,000 99,000	2.3 3.5	- -	- -	104,000 147,000	3.4 4.0	3,500 5,900
Otter Juan 2011** 2010	45,000 113,000	3.3 4.3	114,000 289,000	4.7 3.0	79,000 83,000	2.3 2.4	238,000 485,000	3.7 3.7	8,700 12,000
McMahon/ Ken 2011 2010	- -	- -	264,000 249,000	2.9 2.9	79,000 79,000	6.2 6.2	343,000 328,000	3.7 3.7	12,600 12,000
Durkin 2011 2010	- -	- -	251,000 249,000	5.2 5.2	127,000 127,000	5.0 5.0	378,000 378,000	5.1 5.1	19,300 19,400
Gellatly 2011 2010	- -	- -	29,000 29,000	3.4 3.4	- -	- -	29,000 29,000	3.4 3.4	1,000 1,000
Stockwell 2011 2010	- -	- -	557,000 557,000	3.1 3.1	- -	- -	557,000 557,000	3.1 3.1	17,100 17,100
Cameron 2011 2010	- -	- -	96,000 96,000	3.3 3.3	- -	- -	96,000 96,000	3.3 3.3	3,200 3,200
GRAND TOTAL 2011 2010	439,000 343,000	4.0 4.2	2,469,000 2,923,000	3.8 3.6	978,000 782,000	3.5 4.0	3,887,000 4,048,000	3.7 3.7	144,800 150,700

Note that Resources are inclusive of Reserves.

Figures have been rounded and hence may not add up exactly to the given totals.

* Resources shown for Carnilya Hill are those attributable to Mincor - that is, 70% of the total Carnilya Hill Resource.

** Otter Juan includes Coronet and McCloy.

*** Miitel has been partly updated to December 2011 with inclusion of N29C and modification of N29A.

Resources are estimated to a 1% nickel cut-off. No minimum mining width criteria are used. The Resource estimation is done using inverse distance or kriging methods, depending on the data density. Volume models are constructed using all available data including underground drive and stope mapping. Grade interpolation using assay results from diamond drill core and, in places, underground face samples.

The information in the table above that relates to Mineral Resources is based on information compiled by Mr Robert Hartley, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Hartley is a a permanent employee of Mincor Resources NL. Mr Hartley has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hartley consents to the inclusion of the table on this website based on his information in the form and context in which it appears.

Ore Reserves as at 30 June 2011***

	PROVED		PROBABLE		TOTAL
Reserve	Tonnes	Ni (%)	Tonnes	Ni (%)	Tonnes	Ni (%)	Ni Tonnes
Mariners 2011 2010	49,000 77,000	2.9 2.4	329,000 447,000	3.8 3.2	378,000 524,000	3.7 3.1	13,900 16,300
Redross 2011 2010	33,000 33,000	3.5 3.5	- -	- -	33,000 33,000	3.5 3.5	1,200 1,200
Miitel* 2011** 2010	108,000 28,000	2.6 2.6	185,000 585,000	3.2 2.7	293,000 613,000	3.0 2.7	8,600 16,400
Wannaway 2011 2010	- -	- -	39,000 39,000	2.9 2.9	39,000 39,000	2.9 2.9	1,100 1,100
Carnilya Hill* 2011 2010	33,000 52,000	3.3 3.5	- 30,000	- 3.1	33,000 83,000	3.3 3.3	1,100 2,800
Otter Juan 2011** 2010	40,000 109,000	3.6 3.6	14,000 104,000	3.8 2.9	54,000 212,000	3.6 3.2	2,000 6,900
McMahon 2011 2010	- -	- -	242,000 242,000	2.4 2.3	242,000 242,000	2.4 2.3	5,600 5,600
GRAND TOTAL 2011 2010	263,000 299,000	3.0 3.2	809,000 1,447,000	3.2 2.8	1,001,000 1,746,000	3.1 2.9	33,500 50,200

Figures have been rounded and hence may not add up exactly to the given totals.

* Reserves for Carnilya Hill are those attributable to Mincor - that is, 70% of the total Carnilya Hill Reserve.

** Otter Juan includes Coronet and McCloy.

*** Miitel has been partly updated to December 2011 with inclusion of N29C and one extra level on the N29A.

Appropriate dilution for the various mining methods was applied to the Indicated and Measured Resources. Using a 1.5% nickel cut-off and minimum mining width criteria, areas were selected as being mineable. Additional modifying factors to account for ore loss, recovery, further dilution etc were then applied to achieve an estimated Reserve.

The information in the table above that relates to Ore Reserves is based on information compiled by Mr Peter Teasdale, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Teasdale is a a permanent employee of Mincor Resources NL. Mr Teasdale has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Teasdale consents to the inclusion of the table on this website based on his information in the form and context in which it appears.