ann:iron ore, page-5

Correct me if I am wrong or is it too early to say but I think they have very high grade iron ore deposit at Mt Oscar - 50-75%

As announced on 9 August 2007, a low level detailed helicopter magnetic survey has been completed
over the Mt Oscar Iron Ore project and has clearly defined several highly magnetic anomalies. The
strength of these anomalies are measured in nanotesla (nT) and anomaly amplitudes of up to
120,000nT have been recorded, with a background ambient magnetic of approximately 55,000nT
(Figure 1). Overall given the anomaly amplitudes and initial magnetic modelling, it has been estimated
that the associated local, highly magnetic western source has a magnetic susceptibility of
approximately 3 to 5 SI units which is equivalent to 50% to 75% iron ore. This western magnetic
anomaly signature supports the presence of a highly magnetic unit of approximately 400-500m strike,
and approximately 100-200m thickness, with good depth extents.