quarterly report, page-18

Shnan, you got in at 5.5c, that explains your enthusiasm. We're all big fans of FAS here, but now it's time to unveil the corporate plans. Some of us bought FASO at 30c and FAS at 80c so it would be nice to hear something of substance.

Clearly the comment on pp 38 of the annual report is not about drilling but something much more interesting. I feel that an offer for Wiluna JV for FAS is imminent and that the offer will be based on the conceptual resource estimate of 450MT, with FAS share being 20% or 80Mt. This should be the equivalent to the purchase price of a company with 80 Mt hematite plus control premium of say 20%. Based on Joyner's Find 4.5Mt tenement value of $15m, FAS tenement-share should be x 20 or more. So we're looking potentially at $250-300m company (depending on fluctuation in iron-ore price projections), or 50c+ per share including options (assuming 450m shares and options). This is a rough calculation so can anyone work out a more precise value for us?

We haven't heard anything from HRH and Cray for a while...