// Nickel - Australia

PYKE HILL LATERITE NICKEL DEPOSIT


The Pyke Hill Project is located 40km southeast of Murrin Murrin Nickel Operation. Cougar holds the nickel and cobalt laterite rights to the project, and in March 2008 published Measured plus Indicated Resource as follows:


Ni Cut-Off Grade Measured
Indicated Total
  Tonnes Ni Co Tonnes Ni Co Tonnes Ni Co
0.5% 6.0M 0.91% 0.06% 8,68M 0.89% 0.07% 14,69M 0.9% 0.06%
0.8% 4,4M 0.98% 0.07% 5,68M 0.98% 0.08% 10,09M 0.98% 0.07%

This resource is closed off in all directions. There are a set of variable grade vs tonnage figures, but further exploration or drilling will not significantly change this overall resource figure in terms of tonnes vs grade or contained minerals. The group considers this a valuable strategic asset and is focused on looking at all possibilities to advance this project.


Location of Pyke Hill project, Western Australia

Competent Persons Statement

The information above that relates to Mineral Resources has been compiled by Mr Paul Payne. Mr Payne, is a Member of the Australasian Institute of Mining and Metallurgy, is a full time employee of Runge Limited and has sufficient relevant experience 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, Minerals Resources and Ore Reserves. Mr Payne consents to the inclusion of the matters based on his information in the form and context that the information appears.