100 million tonnes at rocklea, page-22

This from GS JBWere yesterday:

Murchison Metals (MMX) has announced its maiden inferred mineral resource for its 100% owned Rocklea Ore
Project following its RC drilling program. Resource stands at 100Mt at 52% Fe, 0.03 P, 9.6% Si02. The company
states that the Channel Iron deposits (where the Rocklea Ore Project is based) are highly valued by customers due to
its ultra-low phosphorous levels. MMX also states that iron ore producers favour this deposit style for their typically
low strip ratios and low mining costs. Potential development options for the project will be considered in 2009. These
may include negotiating third party rail access on one of several planned and current rail networks or cooperative
development with other explorers in the region.
GSJBW View: Whilst it is positive Murchison has released its maiden resource at Rocklea, we see significant
headwinds in terms of getting the project up and running as well as the current negative sentiment towards the pure
play metals space. No change to our SELL recommendation
12 Month Target Price: $0.80