investor presentation, page-11

The investor presentation was conducted by Ian Burston and Tom Revy and was done prior to their board meeting. IB gave an overview of the world iron ore market and why eio is so well placed with the infrastucture in place, the easy access to the deposit and the very low cost per tonne to extract the ore. Mention was made of the phos. and the fact its no big deal and can be removed from the ore for a cost of around $4 per tonne. Other contaminants dont seem to be of great concern to them as if they dont also significantly reduce in the initial crushing, there are other ways and means of reducing them.
Tom Revy then gave the presentation along the lines of the investor presentaion announcement today. I must admit I spotted the top 5 shareholders on page 3 and saw that former director A. Lekkas ( who was in attendance)was still in possession of all of his shares and later learned he has actually increased his holding since resigning.Val will not be pleased!! Tom stuck pretty much to the script and emphasised that they were going as fast as they could with the assays and metallurgy but they would do it thoroughly so as to ensure they didnt run the risk of having to go back and re do any of the samples which had recently happened to another company who had taken short cuts. There is satellite imagary pending once the cloud over the area clears and step out holes planned at the end of the current program to give a better idea of just how big this ore body might be.
During question time the board was asked if they could buy shares as a show of support for the project and to underpin the share price. It was pointed out that because of the constast flow of announcements they were always in the position of not being allowed to buy on market although they did indicate they would like to buy more if the opportunity arose down the track. Expected metallurgy results were basically referred back to the investor presentation schedule as a guide. JORC on track for later in the third quarter and once thats in place they can really ramp up the promoting of the stock.
Mention was made of the company announcements and that they could be more lively and informative and that was duly taken on board.
During question time members of the board mentioned that this ore body was shaping up as "massive" and could be one of the biggest deposits in the world.
My overall view of the presentation was that they are extremely confident of this project being highly successful
and come October or thereabouts unless the world ends the share price will be multiples higher than its current price.