ExplorationAnnualReport TEMPLATE by 4hRKVe0C

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									                  XY Nickel Exploration

               2008 ANNUAL REPORT
                  EXPLORATION




Prepared by:
   EXECUTIVE SUMMARY


   Health, Safety, Environment & Community


   Technical Highlights


   Project Purpose (target)


   Objectives


   Exploration Strategy


   Expenditure Summary (CAD$)

   Exploration Projects

   $CAD Millions
Original Budget      Revised          Committed       Incurred to       Forecast             Budget
     (NET)         Budget (NET)                       Date (Net)       Final Cost           Variance



   Scope of work completed
    Year               # DDH       # of      DDH      DDH meters     Total       Meters
                       Holes      Targets   metres    underground   Meters     drilled/per
                                            surface                              target
             Actual
            Budget
             Actual
           Variance



   PKI
   Drilling Costs (CAD$)
   Year            Total Meters    Total     Total Drill   All In   Drill Contractor Cost
                                  Project    Contractor    Cost              $/m
                                   Costs    Expenditures   $/m        (Drilling + Road
                                                                       building only)
   2006
2007

2008

                   Total



HR (CAD$)
Year                $/              $/ Support Staff      # of Geol         # of Support      Total Meters
                Geoscientist                                                    Staff             per
                                                                                              geoscientist
2006
2007
2008
Notes:
    $/Geoscientist = Total $ Spent on Project divided by # of Geologists
    # of Geol = Total Geoscientists inclusive of geophyscisits and
      geologists
    # of Support Staff = Non Geologists, field assistant staff
    Total Meters per geoscientist = Total Meters drilled divided by # of
      geoscientists.
Actual Discovery (2008 $)
Year                 Tonnes Ore             lb Ni          Total $/ lb Ni          Tonnes Discovered
                   discovered / m      discovered / m       discovered
                       drilled

2006
2007
2008
        In this section even if you have not found a resource yet and have only one intercept
         into it, please give a upside tonnage estimate, and also provide the likelihood (ie good
         certainty; moderate certainty; unlikely)


Technical Results

        Number of holes drilled
        Hole descriptions
        Geology intercepted
   
           Azimuth                                                               Best
             & Dip                                                           Composite
            (True)                                                            d Assay
                       From       To      Final                  Contact       Interval     Comment on Result
Hole #                  (m)      (m)      Depth    Thickness      Depth       Acheived      (3-4 brief lines only)




                                Total
TOTAL METERAGE              15,401m       (Original 2008 budget plan + contingency = 14,900m)


List of Composites
 Hole#      From       To      Interval   Ni %    Cu %   Co %     Pt         Pd       Au          Ni        Ni
             (m)      (m)                                         g/t        g/t      g/t       Tenor      Equiv
Issues / Risks


HSEC Performance and Initiatives
The 2007 Health and Safety Statistics for 2007 are as follows:

        Category       Hrs      HPRI   RWI   MTIFR   LTIFR   TRIFR   DISR   Environment
                       Worked

        2008 YTD
        Actual

        2008 Target




      Significant initiatives in 2008 on the project included
       List accidents and incidents, summarize tow 2-3 lines max for each &
       categorized into major category under which they fall for example “slips &
       falls, spills, supervision, etc, et, etc).



Conclusions and Recommendations


Organization Chart, List of Personnel

Exploration Organizational Chart

      List employees, title and role on the project (including dates if things changed
       through the year)

List of Exploration Contractors Used & Function




Figures:
1) Location / Geology Map/Surface Level Plan – property location, target
   locations, key geological features, deposits and occurrences, main
   roads / rail ways, drill hole pierce points, Highlight holes, highlight
   assay results if anomalous or significant.
2) Cross section for each target drilled, assays indicated, geology shown
   with interp based on the recent drilling
3) Longitudinal showing pierce points

								
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