let me get this right..., page-2

Also I believe the words 'irrevocable commitment' were used to clearly spell out the difference between the last similar ann back in October 2011:

http://www.proactiveinvestors.com.au/companies/news/21079/fairstar-resources-locks-in-conditional-a300m-debt-facility-to-advance-steeple-hill-iron-project-21079.html

This facility was only going to be provided if... 'The debt facility is conditional upon Fairstar signing a native title agreement, obtaining a mining lease over the Steeple Hill Iron Project and continuing to negotiate a successful offtake agreement.'

Well I'm pretty sure tick, tick, tick...

1) Native Title Agreement...'Just last week FairStar announced it had satisfied another condition of the debt funding facility after it entered a native title mining agreement for ongoing exploration and production at Steeple Hill.'

2) Mining Lease...'FairStar Resources (ASX: FAS) has been granted a Mining Lease over its wholly owned Steeple Hill iron tenements'

Both from:
http://www.proactiveinvestors.com.au/companies/news/22214/fairstar-resources-moves-closer-to-production-with-securing-of-mining-lease-for-steeple-hill--22214.html

3) Negotiate successful offtake agreement...'FairStar Resources (ASX: FAS) has entered into an agreement with Renaissance WA Pty Ltd to acquire the iron ore rights to a highly prospective 108 square kilometres tenement north-east of Steeple Hill Iron Ore Project (SHIP).

Under the agreement FairStar will meet three years exploration expenditure for a total $120,000 and pay a $0.50 per tonne royalty on iron ore derived from this tenement.'

http://www.proactiveinvestors.com.au/companies/news/21671/fairstar-resources-acquires-iron-ore-rights-to-highly-prospective-wa-tenement--21671.html

This all equates imho to being closer to production otherwise who would finance this at such levels?

Glad I'm on board...luck all :)