Statement of Mineral Resource

As at 30th June 2009

Resources for Ruth Well, Whundo, Ayshia and Sholl have been estimated to a JORC standard and have not materially changed from Fox Resources’ 2008 Resource Statement and are re-stated here. Mr Jeremy Peters, a full-time employee of Fox Resources at the time of resource estimation, takes responsibility for these resource statements.

The Radio Hill resource has been estimated to a JORC standard by Snowden Mining Industry Consultants in September 2009 from an updated resource model provided by Fox staff and Newexco Pty Ltd.

Notes relating to cutoff grades for the various resource estimates appear below:
1. 2009 estimate (Snowden) Cutoff Grade 0.5 % Ni
2. 2008 estimate (FXR) Cutoff Grade 0.3% Ni
3. 2008 estimate (FXR) Cutoff Grade 0.3% Ni
4. 2008 estimate (FXR) Cutoff Grade 0.5% Cu and 0.5% Zn
5. 2008 estimate (FXR) Cutoff Grade 0.4% Cu and 0.4% Zn
6. 2008 estimate (FXR) Cutoff Grade 0.4% Zn