44mt treally equals 88mt, page-6

In relation to T4P's queries:

Fe resources are classed as either Direct Shipping (DSO) or otherwise (usually magnetite). DSO grades range from around the high 50%'s to 70% and typically lie around the 60% mark. Grade is particularly important in the economics of DSO as too low a grade (or too high a particular impurity) will cause it to attract a large discount or require beneficiation.

Magnetite grades vary around the 30% mark and typically needs to be concentrated in order to be sold. As it will be concentrated anyway, different factors play a part in the commerciality or otherwise of a particular magnetite resource. In this case, impurities and density variables will affect the amount of processing a particular ore requires and its recovery, and have far more important implications for the project compared to raw grade. In this way the economics of magnetite and hematite resources are very different in terms of important variables.

The independent study done on Trafford's ore has indicated unusually low impurities and high density which should give us higher recoveries and lower recovery costs (reduced grinding). The quality of the concentrate produced should be exceptional relative to other magnetite concentrates and this would ultimately result in a lower resource size threshold required in order to justify the commerciality of the project.

This is compounded by the apparent relationship of high grade gold which appears to be "folded" into the magnetite formations. If this relationship holds, then the tailings from the concentration of the iron ore would be a lucrative side "credit" in terms of gold recovered. Important synergy potential here as from a gold mining perspective the waste ore milled is actually our iron ore concentrate, and from an iron ore perspective the waste tailings can now be easily leached for gold.

Magnetite operations require relatively high capex and hence a large resource base is required to be justified. Trafford's ore qualities and concurrent gold mineralisation are factors that may support the commerciality of this project. The gold is the wild card here as with such wide and high grade intercepts we may have had a commercial gold discovery anyway regardless of the iron... and now the iron is a bonus.