history never repeats:or does it, page-8

re: terrl leo terry leo terry leo Well Glen you will be p!ssed off with with me now because when i told you there were 3 drill rigs flatout drilling up another billion ton i was totaly wrong. Have just been for leisurely Saturday morning drive down to the mouth of the Fortescue river and the road happens to pass right through the middle of CITIC Balmoral central deposit and guess what, There is actualy 6 drill rigs down there flat out drilling not three. 4 rc and 2 diamond drill rigs. also sighted was a pretty good camp and excavator preparing drill sites This activity would probaly be the activity under the first drilling obligation as announced by CITIC in a notice to the Hong Kong stock exchange about April this year. First drilling obligation
The Company will carry out a drilling program to drill at least 100 holes over 18 months from the date of the
Balmoral Acquisition Agreement within the Mining Area. Once an additional 1 billion tonnes of magnetite ore
(on top of the 1 billion tonnes made available to Sino-Iron) are identified by the Company after commencement
of the drilling program, the Company will be under an obligation to acquire Balmoral subject to the consent
from the Treasurer of Australia and pursuant to the Balmoral Acquisition Agreement as detailed below. The
estimated cost for the drilling program under the first drilling obligation is approximately A$5 million
(approximately HK$28 million).