resource upgrades any ideas, page-7

There isn't a junior IO company that has a good size resource like GBG and is going to be in production by 2010.

Some might say AGO has a good size resource, but realistically they only have 23Mt of DSO that's going to be in production later this year. Their magnetite is of a decent size however they are a long way from production with that.

Not even MIS or MMX have a large enough resource base at the moment that's why they rely on GBG for their rail bid.

To me the only company that can is close to GBG is SRK. They have a decent Magnetite/haematite resource and will also have a decent operation by 2010.

Back to GBG, I have no doubt that they will prove at least 2 billion tonnes of magnetite as they have a lot of unexplored land.

Hey if MXR can annouce a target of 3 billion tonnes without having a tonne in JORC, then GBG is very conservative in their estimate.

This will definitely fly when they are close to production.

The reason why MIS and MMX are valued at 1.6 billion are because they are in production.