2000 Annual Report - Heron Resources Limited

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Operations Review 2.0 Continued RESOURCE STATUS UPGRADE From the results compiled from the 80x80m drilling to date, the distribution of resources into Inferred and Indicated Mineral Resource categories is as follows: Table 3 - STRATEGIC ALLIANCE NICKEL LATERITE PROJECTS Medium Grade Inferred and Indicated Mineral Resource 0.75% Ni Cut-off Project Category Million Ni Co Ni4Co* Tonnes % % % Goongarrie Hill Inferred 15.7 1.09 0.06 1.33 Indicated 2.0 0.99 0.04 1.14 Sub-total 17.7 1.08 0.06 1.31 Goongarrie South Inferred 32.5 1.06 0.07 1.39 Indicated 30.5 1.10 0.11 1.53 Sub-total 63.0 1.08 0.09 1.44 Scotia Dam Inferred 9.1 1.10 0.11 1.56 Indicated - - - - Sub-total 9.1 1.10 0.11 1.56 Ghost Rocks Inferred 18.0 0.98 0.08 1.30 Indicated - - - - Sub-total 18.0 0.98 0.08 1.30 Kalpini Inferred 42.6 1.08 0.07 1.38 Indicated 1.8 1.12 0.06 1.37 Sub-total 44.4 1.09 0.07 1.38 SUB-TOTAL Inferred 117.9 1.07 0.07 1.35 SUB-TOTAL Indicated 34.3 1.09 0.10 1.51 TOTAL STRATEGIC ALLIANCE 152.2 1.07 0.08 1.40 * “Ni4Co%” is %Ni plus 4 times %Co. Having the higher quality Indicated Ore can substantially increase an Independent Valuation for a resource inventory, with a Yardstick Valuation typically doubling when the resource is upgraded from Inferred to Indicated status. When compared to the original 400x80m drilling, the grades generated from the 80x80m infil drilling are slightly higher, and the tonnes are slightly lower. This is the expected result of resource infill drilling. 50,000,000 1.5 Figure 4 - GOONGARRIE PROJECT Comparison between 400mx80m and 80x80m Resource Drilling Tonnes 400x80m Tonnes 80x80m %Ni 400x80m %Ni 80x80m Tonnage 45,000,000 40,000,000 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 41,600,000 0.91 44,850,000 1.32 1.31 1.12 1.09 0.90 27,190,000 24,630,000 13,870,000 13,740,000 1.4 1.3 1.2 1.1 1.0 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 % Nickel Grade 0 0.50 0.75 1.00 % Ni Cut-Off 0.0 Photo Strip: The drill samples are sieved and the drill chips are collected in chip trays as Heron’s reference set of the ore. Heron has some 50,000 of these chip samples archived at its Kalgoorlie office. The hardest and most important job on the rig is collecting the drill samples. A $1.4 billion investment decision hinges significantly on how well this job is done. ‘The Mullock Dump of Binduli Mine’ Merita Stevens “This painting represents the Binduli mine. The big orange hill is the mullock dump.” page 10 Heron Resources NL Annual Report 2000
2.0 Continued Operations Review Figure 5 - GOONGARRIE PROJECT Aeromagnetic Image, Geology, Drill Summary 6675000 mN 6675000 mN 6670000 mN 6675000 mN 6670000 mN 6665000 mN 6670000 mN 6665000 mN 6665000 mN Intercept % Ni >1.25 1.0 - 1.24 0.75 - 0.9 6660000 mN 6660000 mN 0.5 - 0.74
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Heron Resources NL In the Community
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2000 Annual Report - Heron Resources Limited

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