upgrades ridley iron resource, page-2

Mc

There is no doubt that this play is well undervalued atm and will really fly when approval is given to start mining.

Cape Lamber got $400million for their deposit of 1.56 billion tonnes if AGO proves up 2 billion tonnes and we discount the price by 25% to say $300 million that leaves all the rest of their deposits and DCF valued at about $150 million.

Now I think I am being very conservative in those price estimates but even at the discount it does make for compelling buying.