To quote point 3B from NSL's Response to ASX Query,
"a revised report on the Indian Iron Ore Project is likely to be available from AIO's Geologists in the coming weeks. The initial indications are that the results in this report will be inline with previous announcements made by NSL to ASX".
When you think about it, why would NSL bother going into lengthy merger discussions and negotiations with AIO if there wasn't anything commercially viable in the ground.
The first Response to ASX Query pretty much cleared up any doubt in my mind that the IO is there. I would imagine the Geo Report is coming up soon and will confirm what was originally announced, but from NSL's point of view the merger with AIO might just be of more immediate importance.
The most pressing issue is land acquisition IMO. Once that is secured it will be a 1,2,3 KO!
With so few shares on issue and a tightly held register, the SP has the potential (and this is only if holders are smart and work together) to move north very fast.
Just read an interesting thing on the FMG thread. (Not to draw any parallels) but FMG top 20 holds something like 93% of issued shares. NSL top 20 held a large chunk also. This is what drives a price continuously north, along with productivity and clear company communication. If people want in, they have to pay the price, and that's what we are seeing with FMG still and now also with NSL. Again, I'm not comparing NSL to FMG in any other way than the fact they both have tight registers.
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