Ann: DSO campaign with mine planning work to commence at Ularring, page-5

Nothing to get excited about really...

"The Company has commenced work, to prepare a mine plan for a direct shipment ore (DSO) product under a mining campaign which will initially target the Snark and Drabble Downs deposits of the Lake Giles Ularring Hematite Project". We knew about the Plan in the last NR.!!!!

"In 2012 the Company completed a Pre-Feasibility Study (PFS) of the Ularring Hematite Project (“Project”) that included beneficiation of low-gradeiron mineralisation . (NI 43-101 Technical Report filed October 1, 2012, titled “NI 43-101 Technical Report, Macarthur Minerals Limited, Pre-Feasibility Study, Ularring Hematite Project, Western Australia). This junk is pre 60%, you'll be lucky if you can give it away. At best, the top Mobile Crushing Plants can do, 800 tonne output, a day. That's assuming the Jaw Crushers can handle the Ore.

The mine planning and associated geotechnical assessment work is expected to be completed by the end of June, and Macarthur intends to lodge a mining proposal with the Department of Mines, Industry Regulation and Safety (DMIRS) during Q3 this year.

Following approval of the mine plan by DMIRS and subject to securing remaining project development approvals and closing project financing, the Company intends to target commencement of DSO production at Ularring at the earliest available opportunity.

There is no RTM, just an on-selling option, whereby someone (Min Res or FMG) will blend this junk with their own output and ship it via Geraldton Port. Don't expect an increase in SP. With China about to unleash "Punish Australia Pt 2.1", the SP should hit mid to late .30's in the next few weeks.