John,

I believe the McWatters recoveries will run a bit less than the recoveries we're currently getting at Redstone. I think the 43-101 indicated some of the recoveries may run as low as 72.5% due to the grades generally being lower. I feel sure the McWatter's average recovery will run some where between the Redstone #s and the 72.5%.

I'm sure Gary or Chris could give us an accurate #.

I think that with other metal credits, our take from Xstrata works out at about 77% of contained nickel at Redstone. I would think that McWatters would work out to a similar ballpark #.

John, as usual your math looks good, I'm just not sure about the exact average recovery %.

I agree that the total cost per pound of nickel produced definitely has to factor in recoveries.

Best

S